R3 Funding, a national lender correspondent providing origination and workout services, has arranged a $27.6 million refinancing for the North Ponds apartment complex, a newly constructed, 196-unit multifamily property in Rochester, NY.
The deal marks the fifth refinancing arranged by R3 Funding in the Rochester area in the past year, totaling over $81 million.
“R3 Funding was founded on the concept of bringing access to Wall Street capitalization options to investors in Main Street communities such as Rochester, and this latest transaction is a prime example of how R3 Funding brings multiple refinancing options to the developers,” said Ray Potter, managing principal of R3 Funding.
“This Freddie Mac fixed-rate loan ultimately offered the best terms to the borrowers.”
Located within walking distance to North Ponds Park in the Rochester suburb of Webster, NY, North Ponds Apartments is a Class A luxury townhome style apartment complex located close to shopping, dining, and entertainment.
The development features two- and three-bedroom homes with full basements. Amenities include a clubhouse, swimming pool, fitness center and scenic walking trails offering outstanding park views.
The new Freddie Mac fixed-rate loan was based on the one-year stabilized history of the asset and features a 10-year term, 30-year amortization and 80 percent loan-to-value.