Tuesday, February 24, 2015

NorthMarq Arranges $61.5M Refi for Eastern PA Multifamily Portfolio

NorthMarq Capital has arranged three loans for a combined $61.48 million to refinance three multifamily properties located in Eastern Pennsylvania.

Robert W. Ranieri, senior vice president / managing director with NorthMarq's Greater Westchester NY/CT regional office represented the borrower in securing the 80% cash-out financing on a seven-year loan with 30-year amortization and competitive rates provided through the firm's seller-servicer relationship with Freddie Mac.

Congress Apartments is a 548-unit property at 1207 E. Congress St. in Allentown, PA that was refinanced at $36.3 million. Quakertown West is a 264-unit property at 491 S. 9th St. in Quakertown, PA that was refinanced at $18.2 million. Antietam Arms is a 148-unit property at 850 Carsonia Ave. in Reading, PA refinanced at $6.98 million.

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