Multifamily - Debt

NorthMarq Capital

NorthMarq Capital secures $14,362,838 refinance of Morgan Loft Apartments in Jersey City, New Jersey

GREATER WESTCHESTER NY/CT (November 2, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office and Greg Nalbandian, senior vice president/managing director of NorthMarq Capital’s North New Jersey regional office, arranged the $14,362,838 refinance of Morgan Loft Apartments, a 36-unit multifamily property located at Steuben Street and Morgan Street in Jersey City, New Jersey. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Morgan Steuben Associates, LLC, through its seller/servicer relationship with Freddie Mac.

“This was a refinance of an existing Freddie Mac loan,” said Ranieri. “The owner is very experienced in the Jersey City market and the loft style units are in strong demand.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.