Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the $14 million external refinance of Windsor Gardens, a 296-unit multifamily community located at 2859 Manitou Road in Rochester, New York.
Northmarq arranged financing on behalf of the borrower, Windsor Associates, L.P., through its in-house Fannie Mae DUS platform. The transaction was structured on a 10-year term.
“This deal was very competitively priced given loan metrics and mission driven nature of the property,” Ranieri said. “A repeat Fannie borrower, this is the third property we have refinanced for him in the Rochester area over the past few years.”
Built in 1972 and renovated in 2002, Windsor Gardens features studio, one-, two- and three-bedroom units. Apartments offer the opportunity for a premium kitchen, updated bathrooms, and stainless-steel appliances.
Community features include controlled building access, high speed internet, a fitness center, a pet-friendly environment, conference room, clubhouse, video library, laundry and nearby public transportation. Surface lot parking is available, as are rentable garage spaces.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion.
