X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MELROSE PARK, PA-FMP/Lakeside Associates LP obtained first mortgage refinancing of $6.7 million for the Melrose Station Apartments here at 902 Valley Rd. The mortgage is based on a 25-year term with a 25-year amortization schedule.

Robert Ranieri, SVP and managing director of capital markets in the Greater Westchester NY/CT office of Minneapolis-based NorthMaq Capital, arranged the funding through NorthMarq’s seller-servicer relationship with Freddie Mac, using the Freddie Mac Streamlined Refinance Program. According to Ranieri, the rate, which he did not disclose, was locked nine months prior to the closing, and the prepayment penalty under the owner’s existing loan was waived.

Melrose Station is a 137-unit low-rise complex containing one-, two-, and three-bedroom units. The rental rate for a one-bedroom apartment is $860 per month; two-bedroom units rent for from $950 to $980 a month, and a three-bedroom apartment rents for $1,395 a month. The complex is located just north of Philadelphia and Mt. Airy, and is within steps of the Septa commuter rail line.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.