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Posted: October 4, 2016
Ranieri of NorthMarq arranges $1.5 million refinance for mixed-use building
340 East 86th Street, Manhattan, NYNew York, NY Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office, arranged a $1.5 million refinance for 340 East 86th St.
The mixed-use property contains 15 residential units and one retail space. The transaction was structured with a 10-year term with 5-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
Robert Ranieri, NorthMarq Capital“This was a low leveraged transaction where the borrower wanted interest only,” said Ranieri. “The property enjoys an excellent location on the Upper East Side.”
For more than 50 years, NorthMarq has provided debt and equity to commercial real estate owners and investors through 36 regional offices coast-to-coast. With an annual production volume of more than $12 billion and a loan servicing portfolio of $47 billion on behalf of more than 50 institutional investors, NorthMarq is one of the largest commercial real estate mortgage banking firms in the world.
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