LITTLE FERRY, NJ–NorthMarq’s Westchester, NY, and North New Jersey regional offices have jointly orchestrated mortgage refinancing of $31.3 million for 400 units at the North apartment complex here.
Robert W. Ranieri, managing director of NorthMarq’s Westchester office and Greg Nalbandian, managing director of the North Jersey office, worked together to arrange the Freddie Mac loans for the two Little Ferry properties.
North Village I, a 160-unit market-rate multi-family building, obtained a loan of $12,750,000. North Village II, which is a 248-unit market-rate building, was financed at $18,550,000. The loans were for a 7-year term with two years of interest payments only, with a 30-year amortization schedule,
NorthMarq, which has 33 banking and loan offices across the US, arranged the loan through its relationship with Freddie Mac as a Program Plus™ Seller-Servicer, and its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance.
The company handles $8 billion in new loans annually, and services a loan portfolio of almost $40 billion.
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