Ranieri of NorthMarq’s White Plains office places $7 million refinance of Montcalm Heights Apartments

October 11, 2019 - Financial Digest

Robert Ranieri,
NorthMarq

Chicopee, MA Robert Ranieri of NorthMarq’s White Plains office negotiated the $7 million refinance of Montcalm Heights Apartments. The property is located at New Ludlow Rd. and Montcalm St.

Financing details include: A 10-year term (5-years interest only), 30-year amortization schedule and a permanent fixed-rate loan.

NorthMarq arranged the financing for the borrower through its relationship with Freddie Mac

“This was a refinance of an existing Freddie Mac loan with a long standing Freddie Mac borrower. The borrower lowered his interest rate while borrowing additional proceeds for property improvements,” said Ranieri.

The property contains 192-units set in two 4-story elevator buildings. The units include studio, one-bedroom and two-bedroom units with on-site parking.

Community amenities include an outdoor swimming pool, laundry facilities, picnic area with barbeque grills, landscaped courtyard, tenant storage units and a management/ leasing office.

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