Multifamily

NorthMarq Capital’s New Jersey office arranges $80 million refinance of Hoboken Affordable Portfolio

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 Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.