Northmarq Provides $22M Agency Loan for Refinancing of Southern New York Active Adult Complex

by Taylor Williams

CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million Fannie Mae loan for the refinancing of Springvale Apartments, a 524-unit active adult community in Croton-on-Hudson, about 30 miles north of Manhattan. The 31-building property was built on a 35-acre site overlooking the Hudson River between 1956 and 1959 and is reserved for renters age 55 and above. Robert Ranieri of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.

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