NorthMarq Capital’s New Jersey office arranges $81.9 million refinance for four affordable housing properties in Hoboken
Affordable Housing Properties
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.