Robert Ranieri Of NorthMarq Arranges $7M Loan For Montcalm Heights Apartments In Chicopee
FINANCED
$7,000,000
Massachusetts
See Similar DealsMultiFamily
Financed 09/17/2019
FINANCED
Robert Ranieri Of NorthMarq Arranges $7M Loan For Montcalm Heights Apartments In Chicopee
185 New Ludlow Rd, Chicopee, MA, 01...
See Similar DealsMultiFamily
Financed 09/17/2019
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
The transaction involves Montcalm Heights Apartments, a multifamily property comprised of two four-story buildings with a total of 192 units, located at 185 New Ludlow Rd, Chicopee, MA. Amenities of the property include a pool, laundry facilities, a picnic area, and tenant storage units. It has received a loan of $7 million for refinancing purposes, indicating a significant investment in the Chicopee market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $7,000,000.00
- Borrower's Representative: Robert Ranieri - NorthMarq
- Lender: Unknown life insurance company
- Loan Term: 10 years
- Amortization Schedule: 30 years
Robert Ranieri from NorthMarq was instrumental in arranging the Freddie Mac loan for the refinancing of the property, specifically for a Freddie Mac borrower, reflecting the active role of NorthMarq in facilitating multifamily financing transactions in the area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,000,000.00
Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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