Northmarq arranges $10 million Fannie Mae refinancing for multifamily property in Bloomfield, NJ
WHITE PLAINS, N.Y. (Mar. 5, 2024) — Robert Ranieri, senior vice president/managing director of Northmarq’s Greater White Plains regional office arranged financing of Washington Heights Apartments in Bloomfield, NJ. The 96-unit, five-story, elevatored building was built in 1962 and is located within walking distance of the Bloomfield train station. Northmarq arranged the permanent fixed loan for the borrower through its in-house Fannie Mae team.
“The client is a long time Northmarq multifamily borrower, and we have refinanced this property three times,” said Ranieri. “This refinance is mission-driven business and provides affordable housing in this high-cost New Jersey market.”
The property features a mix of studios, one- and two-bedroom units across the four adjoined buildings on approximately 2.17 acres. Amenities include on-site laundry facilities, four elevators and a buzzer intercom system.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
