PARSIPPANY (May 8, 2013) – Greg Nalbandian, managing director of NorthMarq’s New Jersey regional office, arranged a first mortgage loan in the amount of $3.36 million for the refinance of a 27 year ground lease to a 150 room, fully renovated, limited service Marriott Residence Inn. Financing was based on a 5-year term with a 25-year amortization schedule through NorthMarq’s relationship with a regional bank. “The sponsor required a maximum LTV loan with prepayment flexibility in the event they elected to sell the ground lease,” said Nalbandian. “Working exclusively with this repeat borrower, NorthMarq was able to structure an 80% LTV, non-recourse, five-year loan well below 4.0% with flexible prepayment that was completely open at par during the last two years of the loan.”
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