Multifamily - Debt

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.