Saturday, January 21, 2017

The DePaul Group Refinances Blair Mill Village East

The DePaul Group has secured a $78.8 million refinance of its Blair Mill Village East apartments at 3855 Blair Mill Rd. in Horsham, PA.

Robert W. Raneri, senior vice president and managing director with NorthMarq Capital's Greater Westchester New York / Connecticut regional office arranged the financing on behalf of the borrower through NorthMarq's seller / servicer relationship with Freddie Mac. The loan is structured with a 10-year term on a 30-year amortization schedule.

"As this was an existing Freddie Mac loan, we were able to waive a portion of the prepayment penalty and provide an 80 percent loan-to-value cash-out option," explained Ranieri.

The 768-unit, 859,890-square-foot multifamily community was built in 1974 on 67.3 acres in the Horsham / Willow Grove Multifamily submarket of Montgomery County, directly off the PA Turnpike and Rte 611. It features new windows, laundry facilities, garden-style units with patio / balcony, swimming pool, updated fitness center, tot lot, and resident parking. The pet-friendly facility includes online rental payments and hot and cold water, trash and HVAC included.

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