Multifamily - Debt

NorthMarq Capital

NorthMarq Capital arranged $33.38 million in combined mortgages for three affordable housing properties in Hudson County, New Jersey

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.”

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.