NorthMarq Capital arranges $16.9 million new construction loan for The Cookie Factory in Harrison, New Jersey
The Cookie Factory
NEW JERSEY (August 12, 2014) – Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey based regional office closed a $16.9 million 30-month construction loan for the Cookie Factory, a 104-unit multifamily property to be built on Essex Street in Harrison, New Jersey. The transaction was arranged for the borrower, Bergen Street Urban Renewal, LLC (a joint venture between an affiliate of the Hampshire Companies and the CrownPoint Group) by NorthMarq through its relationship with First Niagara Bank. The project will consist of two, four story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rental of approximately $1,900. “There was a lot of demand for this deal and First Niagara Bank provided an extremely competitive loan to win the business. Structuring a fully leveraged loan at super tight pricing and minimal repayment guarantees, First Niagara became a new strategic bank to Hampshire’s arsenal and, in the process, distinguished themselves against many of the client’s existing relationship banks in the region.” said Cohen.
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.