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Boston & New England  + New England  + Finance  |  October 25, 2024
Paul Bubny
By: Paul Bubny

Northmarq Arranges Freddie Mac Refi for Two Milford Properties

SVP Robert Ranieri, managing director of Northmarq’s Greater White Plains regional office, arranged financing for two multifamily properties in Milford, CT, within New Haven County. The two properties, Milford Beach Apartments and Newport Apartments, received refinancing totaling $16.9 million.

Each fixed rate transaction was structured with a five-year interest-only term. Northmarq arranged financing for the borrowers through its Optigo status as a Freddie Mac lender.

“The client is a longtime Northmarq multifamily borrower, and we have refinanced this property several times,” said Ranieri. “This refinance is mission-driven business and provides affordable housing in the local market.”

Milford Beach Apartments, a 244-unit multifamily property located within walking distance from Walnut Beach in Milford, received refinancing of $13 million. The garden style property was constructed in 1968. Newport Apartments, a 160-unit garden-style property constructed in 1970 and located along Robert Treat Drive, was refinanced for $3.9 million.

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Inside The Story

Northmarq's Ranieri

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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