Northmarq has successfully completed a $22 million refinance of a seniors housing property in Croton-on-Hudson, New York. Springvale Apartments is an active adult community that consists of 31 buildings and a total of 524 units on 35 acres overlooking the Hudson River. The property was built between 1956 and 1959 and has a handful of amenities including a library, exercise studio and game room.
Northmarq arranged the permanent fixed-rate loan for the borrower through its in-house Fannie Mae team. The loan was structured with a 10-year term on a 30-year amortization schedule. Robert Ranieri of Northmarq worked on this refinancing.
