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.”