NorthMarq’s White Plains office arranges $13.275 million bridge loan for new construction of The Opus Apartments
WHITE PLAINS, NEW YORK (June 29, 2021) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains office, secured a $13,275,000 bridge loan for the construction of The Opus Apartments. The 49-unit multifamily property is located on Ridge Road in North Arlington, New Jersey. The transaction was structured with a 2-year term. NorthMarq negotiated the financing for the borrower through its relationship with Verus Commercial Real Estate Finance.
“It was a pleasure working with NorthMarq to close this transaction. The NorthMarq team and VCREF worked diligently to maximize the execution of the loan for its mutual client,” said Ken Wood, Managing Director, VCREF.
The newly constructed OPUS apartments feature one-bedroom units and penthouse suites with state-of-the-art kitchens, spa bathrooms, high end finishes and modern open concept floor plans. Floor to ceiling windows bring in natural light and offer breathtaking views of the NYC skyline. Amenities include a rooftop terrace, fitness center, cozy lounge with fireplace and on-site parking.
“The New Jersey apartment market continues to be strong and this first-class building will serve the growing need for young professionals in this market,” said Ranieri.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
