Northmarq recently arranged $44.43 million in financing for 516-unit multifamily portfolio in Little Ferry — Courtesy: Northmarq
By Joshua Burd
The owner of three multifamily properties in Little Ferry has refinanced the portfolio for more than $44 million, capital markets firm Northmarq announced Thursday.
Robert Ranieri, who leads NorthMarq’s office in White Plains, said the firm represented the borrower in arranging the nearly $44.43 million transaction. The subject properties include Gilbert Manor, North Village I and North Village II, containing a total of 516 units.
The permanent-fixed rate loans were structured with seven-year terms with two years of interest only followed by 30-year amortization schedules, according to a news release. Northmarq arranged the financing through its relationship with Freddie Mac.
“This was the fourth time we have refinanced this portfolio with Freddie Mac,” said Ranieri, a senior vice president and managing director with Northmarq. “We continue to increase the loan proceeds and reduce the borrower’s interest costs.”
