NorthMarq’s New Jersey office negotiates $45.5 million refinance of Camelot at La Mer V in Sayreville, New Jersey
MORRISTOWN, NEW JERSEY (October 21, 2020) – Camelot at La Mer V has obtained a $45.5 million loan arranged through the New Jersey office of NorthMarq. Gary Cohen, managing director and Marc Nevins, vice president oversaw the transaction. The property is a 273-unit apartment community located in Sayreville, New Jersey and is part of Overlook at La Mer, a master planned community developed by Kaplan Companies.
The fixed rate financing was structured on a fully amortizing, 35-year term through one of NorthMarq's correspondent life insurance companies. Earlier this year, NorthMarq arranged a $15.5 million, 35-year self-amortizing loan for another Kaplan property with a national life insurance company. That property consists of 117 units and is located in Perth Amboy, New Jersey.
“The Kaplan Companies are a best in class developer of premier apartment communities and requested me to arrange long term, self-amortizing loans,” said Cohen. “We received multiple competitive quotes and I am pleased to have assisted in this outstanding execution."
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.
