Ranieri of NorthMarq Westchester secures $2.6 million construction loan

February 21, 2017 - Brokerage

Robert Ranieri, Northmarq

White Plains, NY Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office, arranged a construction loan of $2.6 million for a 15,000 s/f retail property located at 316-332 Tarrytown Rd.

The transaction was structured with a one-year interest-only term. NorthMarq arranged financing for the borrowers through its relationship with a regional bank.

Harbor Freight Tools is the property’s sole tenant and will occupy the space. This will be Harbor Freight Tools’ first store in Westchester.

“The bank provided a construction loan that converts to a permanent loan once the tenant is open for business,” said Ranieri.

316-332 Tarrytown Road - White Plains, NY