NorthMarq’s Gary Cohen completes refinancing of $69 million for four affordable housing properties in Hudson County, New Jersey
NORTH NEW JERSEY (September 6, 2019) – Gary Cohen, senior vice president/managing director of NorthMarq’s North New Jersey office arranged the refinancing of four affordable properties in Hudson County, New Jersey.
The properties, all occupied by tenants receiving Section 8 Tenant based housing vouchers, include:
- Church Square South: 81-unit property in Hoboken
- Eastivew Apartments: 79-unit property in Hoboken
- New Floral Gardens: 91-unit property in North Bergen
- Parkview East: 71-unit property in Weehawken.
Financing Details:
- Each of the properties have been subject to long term HAP (Housing assistance Payment) contracts and are managed by Applied Housing Management Company.
- NorthMarq arranged financing for the borrower through its relationship with two New Jersey-based banking institutions.
Producer Quote:
“With the declining interest rate environment, our client was able to refinance the properties and return equity to their partners at historically low rates.”
- Gary Cohen
The property was featured in Multi-Housing News.
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.
