NorthMarq Capital negotiates $7.5 million refinance of Silver Lake Apartments in Staten Island, New York
Silver Lake Apts
MORRISTOWN (May 18, 2015) – Gary Cohen, senior vice president of NorthMarq Capital’s New Jersey based regional office arranged the $7.5 million refinance of Silver Lake Apartments, a 222 unit multifamily property located at 937 and 961 Victory Boulevard in Staten Island, New York. The transaction was structured with a 10-year term with 2-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The borrower’s existing Freddie Mac loan was coming due in early 2016,” said Cohen. “NorthMarq successfully worked with Freddie Mac to reduce the pre-payment penalty so that the borrower could lock in an attractive rate for a new 10-year term.”
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.