MORRISTOWN, NEW JERSEY (November 19, 2021) – Gary Cohen, managing director and senior vice president at Northmarq’s New Jersey regional office, arranged the $16.9 million refinance of The Courtyards, a 296-unit multifamily property located at 200 Delanco Road, Edgewater Park, New Jersey.
The apartment complex features 152 one-bedroom and 144 two-bedroom units equipped with new interiors and modern fixtures along with common area amenities including a resort-style swimming pool, fitness center and fireside clubhouse.
The permanent fixed rate loan was structured with a 15-year term with 5 years of interest only followed by a 30-year amortization at a rate below 3 percent. Northmarq arranged financing for the borrower, First Montgomery Group, through its correspondent relationship with a life insurance company.
“First Montgomery Group is a full-service real estate investment and development company active in the residential multifamily business in and around New Jersey,” said Cohen. “Northmarq was hired by FMG to arrange long term financing and we were successful in arranging a 15-year loan. The interest rate was fixed 6 months prior to closing enabling the borrower to lock in favorable terms.”