NEW JERSEY—Robert W. Ranieri, senior vice president/managing director of NorthMarq’s Westchester, New York regional office, and Greg Nalbandian, senior vice president/managing director of NorthMarq’s North New Jersey regional office, have arranged combined first mortgage refinancing of $31.3 million for North Village I and II in Little Ferry, N.J.
North Village I is a 160-unit multifamily property that was financed at $12.75 million. North Village II is a 248-unit multifamily property that was financed at $18.55 million.
Financing was based on a seven-year term with two years interest-only. A 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.