NorthMarq Capital’s New Jersey office arranges $81.9 million refinance for four affordable housing properties in Hoboken

NEW JERSEY (April 21, 2016) – Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey-based regional office, arranged the $81.9 million refinancing of four affordable housing properties in Hoboken, New Jersey. The properties consist of a combined 448 units and are managed by Applied Housing Management. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The four properties are subject to long-term regulatory agreements where 40 percent of the apartments must be rented to Section 8 tenants,” explained Cohen. “Freddie Mac provided a competitive deal where the borrower was able to reduce the interest rate on the loans and pull out a significant amount of equity.”