NorthMarq Capital’s New Jersey office arranges $80 million refinance of Hoboken Affordable Portfolio
Hoboken Affordable Portfolio
NEW JERSEY (March 13, 2017) – Gary Cohen, senior vice president/managing director of NorthMarq Capital’s New Jersey-based regional office, arranged the $80 million refinance of a portfolio of five affordable properties, containing a combined 519 units. The properties are located throughout Hoboken, New Jersey. The transaction was structured with a 12-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company. “The properties have been managed by Applied Housing since the early 1970’s and were initially subject to Housing Assistance Payment (HAP) contracts,” explained Cohen. “Presently, each property is subject to regulatory agreements where 40 percent of the units must be rented to Section 8 tenants while the remaining units can be rented at market. The lender was very impressed with the condition of the assets and locked the rates on the loans in the fall, prior to the run up in treasuries.”
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.