Metropolitan Property Service has refinanced the 514-unit Briarwood Gardens in Jamaica, Queens, with a $44.5 million loan from NorthMarq.
Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains office arranged the refinance located at 85th Drive and 85th Road.
The transaction was structured with a 10-year interest only term. NorthMarq negotiated the permanent-fixed rate loan for the borrower through its status as a Freddie Mac Optigo lender.
Briarwood Gardens, constructed in the early 1950’s, is a five-building elevator apartment complex consisting of a mix of studio, one-bedroom and two-bedroom units as well as on-site garage parking spaces. A day care center is also located on the premises. Amenities include four community laundry rooms, a playground, dog park and community garden.
“This was an excellent transaction that was submitted to NorthMarq by Tuck Capital. The borrower was able to borrow for 10 years on an interest-only basis at well under a three percent interest rate. This refinance was started and closed during COVID but the sponsor was able to maintain occupancy and collections throughout the process,” said Ranieri.
