Northmarq arranges $40.3M maturity refinancing for North Village I & II apartments in Little Ferry, NJ
LITTLE FERRY, N.J. — Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the combined $40.3 million maturity refinancing for North Village I and II, a pair of garden apartment communities totaling 408 units in Little Ferry, New Jersey.
• North Village I (1- 9 River Street Extension, Little Ferry, NJ)
• North Village II (10-22 Bergen Turnpike, Little Ferry, NJ)
Northmarq arranged the permanent-fixed financing on behalf of the borrowers, North Village I LLC and North Village II LLC, respectively, through a relationship with a local bank. The transaction was structured on a five-year term.
“Northmarq has refinanced these properties many times over the last 30 years,” Ranieri said. “They have always attracted lender interest as are well maintained and always achieved high occupancy. The bank was able to offer flexible prepayment and an attractive rate in a rising rate environment.”
Both built in 1968, North Village I and II feature a combination of studio, one- and two-bedroom apartments. North Village I features 160 units, and North Village II has 248 units. They are pet-friendly communities, and surface parking is available.
The communities are located along the Hackensack on the east side of River Street Extension intersecting with the Bergen Turnpike. The properties are in close proximity to dining and shopping, and they are roughly 15 minutes from New York City. Residents have nearby access to Interstate 80 and 95, and public transit.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
