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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.

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