NorthMarq Capital arranged $33.38 million in combined mortgages for three affordable housing properties in Hudson County, New Jersey
Eastview Apts
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.