News:
Brokerage
Posted: July 27, 2015
Raneri and Nalbandian of NorthMarq negotiate $51.844 million refinance
Robert Ranieri, senior vice president/managing director of NorthMarq Capital's Greater Westchester NY/CT-based regional office and Greg Nalbandian, senior vice president/managing director of NorthMarq's New Jersey-based regional office collaborated to arrange the $51.844 million refinance of Excelsior II, a 267 unit multifamily property with 11 professional spaces located at 170 Prospect Ave. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
"The loan represented a refinance of an existing Freddie Mac mortgage for a long-time Freddie Mac borrower," said Ranieri. "The property is one of the premiere multifamily complexes in Hackensack." Nalbandian added that "this early refinance was a win-win for the sponsor as he was able to significantly reduce his interest rate while cashing out significant equity."
Tags:
Brokerage
MORE FROM Brokerage
Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence
New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
Quick Hits
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
