Multifamily - Debt

NorthMarq Capital completes $51.844 million refinance of Excelsior II in Hackensack, New Jersey

NEW JERSEY (July 20, 2015) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT based regional office and Greg Nalbandian, senior vice president/managing director of NorthMarq’s New Jersey based regional office collaborated to arrange the $51.844 million refinance of Excelsior II, a 267 unit multifamily property with 11 professional spaces located at 170 Prospect Avenue in Hackensack, New Jersey. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

“The loan represented a refinance of an existing Freddie Mac mortgage for a long-time Freddie Mac borrower,” explained Ranieri. “The property is one of the premiere multifamily complexes in Hackensack.” Nalbandian added that “this early refinance was a win-win for the sponsor as he was able to significantly reduce his interest rate while cashing out significant equity.”

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.