Rural New York Apartments Land Refi

A 14-unit multifamily property in Accord, N.Y., has received a $430,000 refinancing package through the Janover financing platform. Red Star Mortgage Co. provided the 30-year, fully amortizing loan.

Tyler Pepper, capital markets associate with Janover, coordinated the financing deal between the property owner and lender. The borrower acquired the community more than 20 years ago, Ulster County records indicate.

“The borrower, an experienced multifamily owner-operator, had a tight deadline to refinance the property,” said Pepper. “The Janover platform enabled them to rapidly connect with multiple lenders, and we were able to secure a 30-year loan at a competitive fixed rate in record time.”

The property at 295 Mettacahonts Road is in the Hudson Valley, on the northern edge of the New York-Newark combined metropolitan statistical area, some 90 miles north of Manhattan. A small grocery store is less than 1 mile from the community, with sparse single-family homes in the surrounding area.

The property opened its doors in 1955. The community’s one- to three-bedroom units range from 650 to 1,900 square feet. The owner invested in substantial roofing improvements in late 2021.