Ranieri of NorthMarq arranges first mortgage refinancing - $6.1 million; For Birch Brook Manor, a 79-unit multifamily property

Robert Ranieri, senior vice president and managing director of NorthMarq's Greater Westchester NY/CT regional office, arranged first mortgage refinancing of $6.1 million for Birch Brook Manor, a 79-unit market-rate multifamily property located at 81-89 South Highland Ave. Financing was based on a seven-year term plus a three-year extension option and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Birch Brook Manor, Inc., through its relationship with a local bank. "The loan was done with a local bank that was able to offer a flexible prepayment option along with a three-year extension option," said Ranieri. NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multifamily financing as a Freddie Mac Program Plus Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.