Northmarq arranges $415,000 acquisition financing of corner site in Little Ferry, New Jersey for development
WHITE PLAINS, NEW YORK (December 19, 2022) — Northmarq’s Robert Ranieri, senior vice president/managing director of the White Plains-based regional office, arranged the $415,000 acquisition financing of a 0.45 acre corner site for a planned 22-unit apartment building development. Located at 233 Liberty Street in Little Ferry, the property currently contains a vacant two-story, 9,700 sq. ft. building. The transaction was structured on a 2-year term. Northmarq secured the bridge loan for the borrower through its relationship with a regional bank.
Formerly a funeral home, 233 Liberty Street was gutted by the seller prior to the acquisition. The borrower plans to demolish the existing structure and develop the land into a 22-unit apartment building. Plans for the construction project were approved in November 2021.
“The lender has been funding small acquisitions for this client, a local developer, as the initial step to eventually providing a construction loan,” said Ranieri.
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.
