Northmarq arranges $13 million financing of The Opus in North Arlington, New Jersey
WHITE PLAINS, NEW YORK (June 29, 2023) — Northmarq’s Robert Ranieri, senior vice president/managing director arranged the $13 million finance of The Opus, a 49-unit multifamily property located in North Arlington, New Jersey. The transaction was structured on a 5-year term with 1-year interest only followed by a 29-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its corresponding relationship with a local bank.
“A local New Jersey bank offered and closed on very good loan terms for this class A apartment building which is best in class in North Arlington, New Jersey,” said Ranieri.
Built in 2021, The Opus features one-bedroom units and penthouse suites with state-of-the-art kitchens, spa bathrooms with heated floors, high end finishes and modern open concept floor plans. Floor to ceiling windows bring in natural light and offer breathtaking views of the NYC skyline. Resort-inspired amenities include a rooftop terrace, fitness center, cozy lounge with fireplace and on-site parking. Situated in the northern New Jersey town of North Arlington with its small town feel, The Opus is ideally located just 12-miles from Manhattan and 5-miles from the MetLife Stadium.
Residents at this pet-friendly building benefit from easy access to public transportation and nearby entertainment, dining, shopping and employment opportunities. The family-friendly town is surrounded by high-ranking schools and parks, including Richard W. DeKorte Park, only 1.9 miles away and located along the Hackensack River.
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
