NEW JERSEY (March 13, 2017) – Gary Cohen, senior vice president/managing director of NorthMarq Capital’s New Jersey-based regional office, arranged the $80 million refinance of a portfolio of five affordable properties, containing a combined 519 units. The properties are located throughout Hoboken, New Jersey. The transaction was structured with a 12-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company. “The properties have been managed by Applied Housing since the early 1970’s and were initially subject to Housing Assistance Payment (HAP) contracts,” explained Cohen. “Presently, each property is subject to regulatory agreements where 40 percent of the units must be rented to Section 8 tenants while the remaining units can be rented at market. The lender was very impressed with the condition of the assets and locked the rates on the loans in the fall, prior to the run up in treasuries.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
