MORRISTOWN, NEW JERSEY (March 1, 2021) – Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey office secured financing totaling $50.869 million for three multifamily properties located throughout New Jersey. The properties contain a combined 387 units.
Camelot at Townelake: NorthMarq arranged the $27,000,000 refinance of this 184-unit multifamily property located at 100 Baist Drive in Sayreville, New Jersey. The Property consists of 124 one bedroom/one bath units and 60 two bedroom/two bath Units. The transaction was structured with a 35-year fully amortizing term. NorthMarq arranged the permanent-fixed loan for the borrower, The Kaplan Companies, through its correspondent relationship with a life insurance company.
“The Kaplan Companies are a best in class developer of premier apartment communities and requested me to arrange a long term, self-amortizing loan. We received multiple competitive quotes and I am pleased to have assisted in this outstanding execution which we were able to secure at a great rate,” said Cohen.
Country Living at Mapleview: NorthMarq arranged the $17,775,000 refinance of this 137-unit multifamily property located at 109A Mapleview Drive in Old Bridge, New Jersey. The property contains 1 studio/one bath unit,12 one bedroom/one bathroom units, 124 two bedroom/two bathroom units and 24 two bedroom townhouse/1.5 bathroom units.
Kendall Court: NorthMarq arranged the $6,094,000 refinance of this 66-unit multifamily property located at 51 Schmidt Lane in North Brunswick, New Jersey. The Property consists of 54 one bedroom/one bathroom with den units and 12 two bedroom/1 bathroom with den units.
Both properties were structured with a 10-year term, 2 years of interest only payments followed by a 30-year amortization schedule. NorthMarq secured the financing for the borrower, an affiliate of the Kamson Corporation, through its OPTIGO status as a Freddie Mac Lender.
“The Kamson Corporation is one the northeast’s premier apartment management organizations and is very active in the Central New Jersey market,” said Cohen. “NorthMarq was able to help Kamson secure long-term financing for both properties at an attractive rate and before the latest run up in Treasuries.”
The Middlesex multifamily markets continued to post sturdy performance throughout 2020, with renter demand proving to be quite resilient and is forecast to remain strong.