PARSIPPANY (April 15, 2013) – Gary Cohen, senior vice president and senior director of NorthMarq’s North New Jersey regional office, arranges combined first mortgage refinancing of $33.38 million for three affordable housing properties containing a combined total of 241 units located in Hudson County, New Jersey. • Eastview Apartments is located at 58-72 Washington Street in Hoboken and contains 79 units. This asset was financed at $15,680,000. • New Floral Gardens 1A is located at 2515-2517 Cottage Avenue in North Bergen and contains 91 units. This asset was financed at $8,900,000. • Park View East Apartments is located at 4300 Park Avenue in Weehawken and contains 71 units. This asset was financed at $8,800,000. Financing for these transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through its relationship with a local bank. “The properties are subject to a long-term project based HAP (Housing Assistance Program) contract,” said Cohen. “The debt on these properties was maturing and we were able to bring in a New Jersey based institution that provided a 10-year term at a very competitive interest rate.”
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.
