Northmarq’s White Plains office completes the $11,000,000 refinance of the Gilbert Manor Apartments in Little Ferry, New Jersey

WHITE PLAINS, NEW YORK (December 19, 2022) — Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains-based regional office, arranged the $11 million refinance of the Gilbert Manor Apartments. The multifamily property is located at 269-297 Liberty Street and 258 Main Street in Little Ferry, New Jersey. The transaction was structured on a 5-year term with 2-years interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through a regional bank. 

Built in the early 1960's, Gilbert Manor Apartments is a 108-unit garden apartment complex consisting of seven 2-story buildings on approximately 3.39 acres. The property features spacious one-bedroom units with private entrances, new windows, hardwood floors, upgraded kitchens and bathrooms, modern laundry facilities and ample off-street surface parking as well as easy access to a wide-range of nearby shopping, dining, and recreation options.

Gilbert Manor Apartments is situated in the Hackensack/Teaneck neighborhood, which boasts a rich culture with a history prior to the American Revolution. Within one mile, the apartment complex has 3 shopping centers, Liberty Plaza, Washington Square Mini Mall, and Little Ferry Plaza. In addition, Gilbert Manor has 5 parks within 11.8 miles, including Overpeck County Park, Teaneck Creek Conservancy, and Flat Rock Brook Nature Center.

“This refinance of an existing Freddie Mac Multifamily loan was possible with Northmarq's Defeasance Services handling the defeasance,” said Ranieri. “The borrower was looking for prepay flexibility as well as interest only and collateral release provisions.”