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.