Berns of NorthMarq Capital Upstate negotiates $4.6 million in financing; Ranieri of NorthMarq arranges $1.5 million for multifamily building

Sam Berns, senior vice president and managing director of NorthMarq Capital's Upstate New York Regional office, arranged first mortgage financing in the amount of $4.6 million for Creek Hill Apartments, a 126-unit multifamily property. Financing was based on a five-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through a regional bank. According to Berns, the lender provided a flexible pre-payment penalty allowing the sponsor to refinance using agency debt when appropriate. In another transaction, Robert Ranieri, senior vice president and managing director of NorthMarq Capital's Capital Services Group East, arranged first mortgage financing in the amount of $1.5 million for 103 Thayer St., a 68-unit multifamily property with six commercial spaces, located in New York City. Financing was based on a 10-year term, plus a one-year fixed-to-float option and a 30-year amortization schedule and was arranged for the borrower, 103 Thayer St. LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac. According to Ranieri, Freddie Mac's Streamlined Refinance Program offered reduced documentation, a waiver of some third party reports, and a waiver of a portion of the prepayment premium. He said, "Refinancing with Freddie Mac's Streamlined Refinance Program saved the owner at least $10,000 because no survey, appraisal or engineering report was required. Additionally, Freddie Mac waived a portion of the prepayment premium that would have otherwise been due." NorthMarq offers a full range of commercial real estate solutions across the country from its headquarters in Minneapolis, Minn. The NorthMarq Group offers commercial real estate investment banking, investment sales, real estate debt and equity financing, and commercial loan services in 32 offices coast-to-coast, averaging $10 billion in annual production volume and servicing a loan portfolio of more than $37 billion. NorthMarq Real Estate Services provides brokerage, property management and healthcare advisory services to investors and space users, and through its Corporate Solutions division, provides mid-size corporate users real estate services nationwide.