$79M Refi Obtained for Pennsylvania Multifamily
Blair Mill Associates, owner of the 768-unit Blair Mill Village East, obtained refinancing to the tune of $78.8 million for the property. Robert W. Ranieri with NorthMarq Capital finalized the 10-year, 30-year amortization loan through Freddie Mac.
“As this was an existing Freddie Mac loan, we were able to waive a portion of the prepayment penalty, and provide an 80% loan-to-value cash-out option,” Ranieri said.
Located at 101 Allison Rd. in Horsham, PA, Blair Mill Village East is off the Pennsylvania Turnpike and Route 611, and is situated on 55 acres. Amenities include an outdoor pool, updated fitness center, tot lot and resident parking. The property offers one and two-bedroom units, with rents ranging from $805 to $1,010 a month.
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