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.”