MORRISTOWN, NEW JERSEY (November 4, 2019) – Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey office arranged financing for three properties totaling a combined $59.85 million. The properties are located in Fort Lee, Red Bank and Edison, New Jersey.
Mediterranean House: NorthMarq arranged a $25 million refinance for Mediterranean House, located at 505 North Avenue in Fort Lee, New Jersey. The property is a 19-story building containing 306 apartments.
The property is subject to a long term HAP contract for residents 62 and older. The refinance allowed the original ownership group to reduce their interest rate in half and return equity to the partners.
Fortune Square Apartments: A $7,350,000 loan was arranged on Fortune Square Apartments, a 31 unit luxury apartment building in Red Bank, New Jersey.
The property was developed in conjunction with the T. Thomas Fortune Project where the sponsor, Roger Mumford Homes, committed to restoring and preserving the original T. Thomas Fortune house which is located in front of the apartments. It was thereafter unveiled to the public as the T. Thomas Fortune Cultural Center and is on the National Historic Registry.
Warehouse/Distribution Facility: NorthMarq arranged a $27.5 million refinance on a 346,000 warehouse/distribution facility in Edison, New Jersey. “Our client was seeking a long term fixed rate loan and we arranged a 20 year term/ 25 year amortization with a national life insurance company,” said Cohen.