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.”