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