NorthMarq Capital’s Gary Cohen finalizes $30 million refinance of DeMattheis Multifamily Portfolio located throughout New Jersey

MORRISTOWN (April 17, 2018) – Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey regional office, arranged the $30 million refinance of the DeMattheis Multifamily Portfolio, which contains a combined 307 units on eight properties. The transaction was structured with a 15-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The properties are located at:

- Morris Elm Apartments located at 34-36 Elm Street, Morristown, New Jersey

- Morris Hill Apartments located at 34 Hill Street, Morristown, New Jersey

- Elmwood Gardens located at 30 Elm Street, Morristown, New Jersey

- Franklin Hill Apartments located at 44 Hill Street, Morristown, New Jersey

- Highland Manor Apartments located at 330-338 Crowells Road, Highland Park, New Jersey

- Park Ridge Manor Apartments located at 304 South Second Avenue, Highland Park, New Jersey

- Bridgeton Apartments located at 101-130 Martin Terrace, Woodbridge, New Jersey

- Hillside Apartments located at 307-311 Division Street (AKA 100 Hillside Avenue) Edison, New Jersey

“The borrower is a full service real estate investment company whose business activities encompass the acquisition, development, redevelopment and management of strategically located neighborhood/community shopping centers and apartment complexes in around New Jersey,” said Cohen. “NorthMarq was able to help the borrower secure long term financing with a national life company at an attractive rate. Ownership was able to pay off their debt service and recoup equity which will be reinvested into all eight properties.”