Robert Ranieri, the Senior Vice President and Managing Director of Northmarq’s Greater White Plains regional office, recently secured financing for two multifamily properties in Milford, CT. The properties, Milford Beach Apartments and Newport Apartments located within New Haven County, received a total refinancing of $16.9 million.
The transactions were structured with a fixed rate and five-year interest-only term through Northmarq’s Optigo status as a Freddie Mac lender.
Ranieri stated that the client has been a long-time borrower with Northmarq for their multifamily needs and this is not the first time they have refinanced these particular properties. He also mentioned that this refinance aligns with their mission to provide affordable housing in the local market.
Milford Beach Apartments consists of 244 units situated near Walnut Beach in Milford while Newport Apartments is made up of 160 garden-style units constructed in 1970 along Robert Treat Drive. The former was refinanced for $13 million while the latter received $3.9 million in financing.
