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Brokerage
Posted: March 24, 2014
Ranieri of NorthMarq Capital finances $6.968 million for Realm Boca Raton
Robert Ranieri, senior vice president and managing director of NorthMarq Capital's Greater Westchester NY/CT regional office arranged refinancing for Realm Boca Raton, located at SW 12th St., SW 2nd Ave. and SW 1st Ave., containing 102 units. Financing for the $6.968 million permanent loan was structured with a 7-year term and 30 year amortization schedule for the borrower, BG Camino Apartments, LLC. through NorthMarq's seller/servicer relationship with Freddie Mac.
"The loan was the conversion of a floating rate Freddie Mac loan into a fixed rate Freddie Mac execution," said Ranieri. "The borrower purchased the property two years ago, invested significant cap-ex and was able to increase the value of the property. The permanent loan resulted in the return of the majority of their equity in the property."
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