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NorthMarq Capital arranges $51.844 million multifamily refinance


Hackensack, NJ — Robert Ranieri, senior VP/managing director of NorthMarq Capital’s Greater Westchester NY/CT based regional office and Greg Nalbandian, senior VP/managing director of NorthMarq’s NJ based regional office collaborated to arrange the $51.844 million refinance of Excelsior II, a 267 unit multifamily property with 11 professional spaces located at 170 Prospect Ave. in Hackensack. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The loan represented a refinance of an existing Freddie Mac mortgage for a long-time Freddie Mac borrower,” said Ranieri. “The property is one of the premiere multifamily complexes in Hackensack.” Nalbandian added that “this early refinance was a win-win for the sponsor as he was able to significantly reduce his interest rate while cashing out significant equity.” Lowell & Dracut, MA — Ranieri arranged supplemental financing of $1.5 million for Lakeshore Apartments, two multifamily properties with a combined 146 units located at 390 & 395 Mammoth Rd. in Lowell, and 325-355 Tyngsboro Rd. in Dracut. The transaction was structured with a 7-year term with 2-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The borrower wanted to borrow additional funds in order to upgrade the property,” said Ranieri. “Cash flow was sufficient to provide this second mortgage opportunity. We did two years of interest only as that is the period in which the majority of the work will be done.”

#HackensackNJRobertRanieri #NorthMarqCapital #ExcelsiorII #FreddieMac #LakeshoreApartments #multifamily

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