NorthMarq Capital’s New Jersey office negotiates $9 million refinance of Washington Gardens in Carnegie, Pennsylvania
MORRISTOWN (March 15, 2018) – Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey regional office, finalized the $9 million refinance of Washington Gardens, a 179-unit mid-rise apartment complex located at 834 Washington Avenue & 133 Lee Street in Carnegie, Pennsylvania (a suburb of Pittsburgh). The transaction was structured with a 10-year term with 2-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. “The borrower is a Pittsburgh-based developer who has a long track record of strong multifamily and retail properties in and around the Pittsburgh market,” noted Cohen. “NorthMarq was able to help the borrower secure long-term financing with Freddie Mac with two years of interest only at an attractive rate before the increase in treasury rates. This allowed the borrower to pay off their debt service and prepayment penalty while also helping to recover trapped equity which will be reinvested into the property.”
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.