Multifamily - Debt

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.