Metropolitan inks $44M refi on Queens apartment property

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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.

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