CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million refinancing for Springvale Apartments, an active adult community in Croton-on-Hudson, approximately 30 miles north of Manhattan.
The 31-building, 524-unit property was built between 1956 and 1959.
Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged the permanent-fixed Fannie Mae loan. The transaction was structured with 10-year term on a 30-year amortization schedule.
The garden apartment complex for active adults 55 years and older is located in a 35-acre park-like setting overlooking the Hudson River.