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Fredonia apartments get $5M for refinancing

OBSERVER Staff Report

An apartment complex on Brigham Road in Fredonia is getting a $5 million refinancing.

Campus Edge at Brigham had the refinancing arranged by Northmarq, a debt, loan and investment services company for commercial real estate investors.

The student housing property is a 169-unit apartment complex and is located across Brigham Road from the State University of New York at Fredonia campus. In June, roof issues at the location force some of the residents at the site to be moved to a hotel while repairs took place.

Developed from 1950 to 1978, the Campus Edge at Brigham is the original apartment complex in an area that has since seen further development. It’s 16 garden-style apartment buildings on 13 acres. The units feature private entrances, 1-2 bedrooms and 1-2 bathrooms.

Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains-based regional office, arranged the refinancing. Northmarq secured the permanent-floating loan for the borrower through its relationship with a commercial bank.

“The long-term owners of the property had maturing debt and were looking for a shorter-term bank deal to give them options over the next two to three years,” said Ranieri. “The local bank offered competitive non-recourse terms with flexible prepayment.”

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