NorthMarq Capital arranges two multifamily transactions totaling $13.3 million in Milford, Connecticut
WESTCHESTER (September 22, 2014) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office arranged financing for two multifamily properties in Milford, Connecticut. The two properties, Milford Beach Apartments and Newport Apartments, received refinancing totaling a combined $13.3 million.
“Both of the transactions were a refinance of an existing Freddie Mac loan where Freddie Mac waived a portion of the prepayment penalty and lowered the interest rate significantly,” said Ranieri.
Milford Beach Apartments: This 244 unit multifamily property located at East Broadway, Joy Road, Monroe Street and Shea Avenue in Milford, Connecticut received refinancing of $8.5 million. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Milford Beach Associates LLC, through its seller/servicer relationship with Freddie Mac.
Newport Apartments: This 160 unit multifamily property located at Robert Treat Drive in Milford, Connecticut received refinancing of $4.8 million. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Newport Associates LLC, through its seller/servicer relationship with Freddie Mac.
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