Ranieri and Bjornsund of NorthMarq secure $10.5 million first mortgage; refinancing carries 10-year term

Robert Ranieri, senior vice president and managing director of NorthMarq's Greater Westchester NY/CT Regional office, and Craig Bjornsund, senior vice president and managing director of NorthMarq's New York City Metro Regional office, cooperated to arrange first mortgage refinancing of $10.5 million for Saxony Towers. The asset is a cooperative housing property containing 330 multifamily units. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Saxony Towers Realty Corp., by NorthMarq through its seller-servicer relationship with Freddie Mac. "This was a refinance of an existing Freddie Mac loan where the co-op was able to take advantage of low rates, existing loan prepayment reduction and excess proceeds for future capital repairs," said Ranieri. NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plusâ„¢ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.