NorthMarq Capital arranges $8.625 mortgage for Riverside Gardens in Hackettstown, New Jersey
Riverside Gardens
PARSIPPANY (September 16, 2013) – Gary Cohen, senior vice president and senior director of NorthMarq’s North New Jersey regional office, arranged a first mortgage loan in the amount of $8.625 million for the acquisition of Riverside Gardens, a 120-unit, market-rate multifamily property located in Hackettstown, New Jersey. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, C2 Realty Partners, through its relationship with a local bank. “The property traded at a very aggressive cap rate and the bank provided a 75% loan-to-purchase price at a very competitive interest rate,” Cohen said.
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
