Robert Ranieri Of NorthMarq Arranges $7M Loan For Montcalm Heights Apartments In Chicopee
185 New Ludlow Rd, Chicopee, MA, 01...
$7,000,000
Units
192
Asset Type
MultiFamily
Closing
Sep 17, 2019
AI
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.
Chicopee MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93