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Debt & Equity

Northmarq secures $26.4 million in acquisition financing for Hudson Tea Parking Garage in Hoboken, New Jersey

BOSTON, MASSACHUSETTS (September 7, 2022) – Daniel Karp, Vice President of Northmarq’s Boston regional office, arranged $26.4 million in acquisition financing for the eight-story, 1,250-space Hudson Tea Parking Garage in Hoboken, New Jersey.    

Northmarq secured the permanent, fixed-rate loan on behalf of the borrower, Boston-based LAZ Parking Realty Investors (“LPRI”), through its correspondent relationship with a life insurance company. The financing included a 10-year term with five years of interest only payments followed by a 30-year amortization schedule. 

The busy, 389,984 sq. ft. garage, located at 1450 Bloomfield Street, was built in 2004 by Toll Brothers and serves Hoboken’s dense and expanding population. Hoboken, referred to as the “Mile Square City,” sits just across the Hudson River from Manhattan. The property, near Hoboken’s 14th Street ferry terminal, is surrounded by thousands of condominiums and apartments as well as strong commercial corridors. The parking structure serves a wide range of users including residents, daily parkers, monthly passholders, and commuters. Additionally, Avis Car Rental operates an office within the parking structure.  

“Hoboken is a tight market for parking as there are fewer than 10,000 street parking spaces in the city and only five municipal parking garages, so a well-operated parking garage is in high demand,” noted Karp.

Northmarq has an extensive history with LAZ Parking Realty Investors, having collaborated on numerous transactions. LPRI is a private company founded in 2007 by an experienced team of real estate and parking professionals. LPRI has led the industry in the acquisition of parking assets on behalf of itself and its investment partners. These acquisitions span across all classes of parking including parking garages, airport parking facilities, surface parking lots, and municipal concessions (meters and parking facilities), and total more than $2 billion.

“We have an outstanding working relationship with LPRI. We are appreciative of the trust that Ted Silverman, senior vice president of LPRI, and the company placed in us to handle this assignment. We are pleased to execute the financing of the asset on favorable terms that worked well for both the borrow and the lender,” said Karp.  

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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Hudson Tea Parking Garage
Permanent Loan - Fixed
$26,400,000