NEW JERSEY (October 8, 2018) – Gary Cohen, managing director and Marc Nevins, investment analyst at NorthMarq Capital’s New Jersey regional office, arranged the $38 million refinance of Camelot at Cinnaminson, a 405-unit multifamily property located at 198 Camelot Court in Cinnaminson, New Jersey. The permanent fixed rate loan was structured with a fully amortizing 30-year term. NorthMarq arranged financing for the borrower, Kaplan Companies, through its correspondent relationship with a life insurance company.
“Kaplan Companies is a full service real estate investment and development company active in the residential, commercial and construction business in and around New Jersey,” said Cohen. “NorthMarq was hired by Kaplan to arrange long term financing and we were successful in arranging a 30-year self-amortizing loan with a national life company. The interest rate was set in the beginning of May enabling the borrower to lock in favorable terms months before their existing loan was open to prepayment.”