NorthMarq’s White Plains, N.Y.-based regional office announced Robert Ranieri, senior vice president and managing director, arranged the $44.426 million refinance of a multifamily portfolio in Little Ferry consisting of three properties with a combined 516 units: Gilbert Manor, North Village I and North Village II.
The permanent-fixed rate loans were structured with seven-year terms with two-years of interest followed by 30-year amortization schedules. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.
“This was the fourth time we have refinanced this portfolio with Freddie Mac. We continue to increase the loan proceeds and reduce the borrower’s interest costs,” said Ranieri.