Multifamily - Debt

NorthMarq Capital

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 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.