WASHINGTON TWP., NJ-The owners of Eagle Rock Apartments, a 240-unit complex here, have obtained a refinancing package totaling $7.5 million secured by the property. For Eagle Rock Associates LLC, the funding replaces a first mortgage at a lower, unspecified rate.
The financing was arranged by Robert Ranieri, senior vice president and managing director of capital markets in the Greater Westchester NY/CT regional office of NorthMarq Capital Inc. The package is based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through the firm's seller-servicer relationship with Freddie Mac.
Located at Zachary Lane and Church St. here, Eagle Rock Apartments is an affordable rental complex. The property has recently undergone "a substantial renovation," Ranieri says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.