Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office, arranged supplemental financing for Saxony Towers, a 330-unit cooperative apartment property located on 34th Avenue in Jackson Heights, New York. The transaction was structured with a 4.75-year term on a 30-year amortization schedule. NorthMarq arrange financing for the borrower, Saxony Towers Realty Corp., through its seller/servicer relationship with Freddie Mac.

“The co-op was interested in repairs at the building,” noted Ranieri. “Freddie Mac provided a coterminous second mortgage. Unlike a line of credit, the co-op did not need to pay for the use of these funds until they needed them.”

About NorthMarq Capital

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 37 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.