Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s New Jersey office secures $38 million refinance of Camelot at Cinnaminson in Cinnaminson, New Jersey

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.”

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.