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Posted: August 20, 2019
Ranieri of NorthMarq refinances Lohman Village – $7.5 million loan
NorthMarq
Mount Vernon, NY Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains-based regional office, finalized the $7.5 million refinance of Lohman Village. The 31-unit senior housing property is located at 1 Wartburg Pl. NorthMarq arranged the permanent fixed rate loan for the borrower through its relationship with the lender, PCSB Bank. The transaction was structured with a 7-year term on a 30-year amortization schedule.
The 34-acre Wartburg campus Lohman Village features 31 one- and two-bedroom step-free townhomes with parking at the door.
“NorthMarq was able to negotiate a low fixed rate transaction with a renewal option to allow Wartburg to lower their rate and borrow funds for future development on the campus,” said Ranieri.
Each unit comes with a full kitchen and bathroom, in-home washer and dryer, spacious four-season Florida room and large walk-in closets.
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