NorthMarq Capital arranges $17 million refinancing of Church Square South, located in Hoboken, New Jersey
Church Square South
PARSIPPANY (Feb. 17, 2014) – Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey office arranged refinancing totaling $17 million for Church Square South, which consists of two affordable housing properties with a combined total of 81-units. Financing was based on a 12-year term and 30-year amortization schedule and was arranged by NorthMarq through its relationship with a local bank. “The buildings operate under a long term Housing Assistance Payment Contract and are managed as one property,” said Cohen. “The lender provided a rate lock in the early fall and the loan was closed at the end of January due to the yield maintenance prepayment penalty.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.