Northmarq’s Debt + Equity team arranges $12.85 million permanent loan

Northmarq’s New York Metro Debt + Equity team led by Bob Bernard and Collin Lester successfully arranged a $12.85 million permanent loan to refinance a construction loan on The Cambreleng, a 45-unit apartment building in the Bronx, New York.

Northmarq arranged the permanent-fixed financing on behalf of the borrower, OF 2330 Cambreleng LLC, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term with five years of interest only payments. Northmarq was able to put the deal under application at 65% occupancy and close as soon as the asset stabilized.

“What a team effort! We worked with sponsorship and our credit partners to arrive at an execution that was a win-win,” Lester said. “This deal had it all: a 421a tax abatement, a portion of tenants participating in the FHEPS program, a recently stabilized asset, and a short timeline to close. We are thankful to have had the opportunity to execute for the sponsors and can’t wait to continue providing exceptional service all the way to maturity.”

The Cambreleng is an eight-story apartment building that was completed in 2024 and recently achieved stabilized occupancy.  The property features studio, one-bedroom and two-bedroom units with hardwood floors, central air, and stainless steel appliances. The community features on-site parking, a roof deck, fitness center, residents lounge, game room, and laundry room.