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.
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.