Multifamily - Debt

NorthMarq Capital’s New Jersey office arranges two financings totaling $6.25 million

New Jersey (April 21 2014) Gary Cohen, senior vice president and senior director of NorthMarq Capital’s New Jersey regional office arranged financing for two transactions, The Hampshire Self Storage Portfolio and two multifamily properties located at 929 Willow Avenue and 208 Bloomfield Avenue, totaling $6.25 million.

The Hampshire Self Storage Portfolio contains two facilities located in Cherry Hill and Burlington, New Jersey with a combined total of 109,995 sq.ft. The $3.5 million financing was structured with a 5-year term and 25-year amortization schedule with 4.00% interest. Working exclusively for the Hampshire Companies, NorthMarq arranged this financing through its relationship with a local bank.

“The properties were acquired by Hampshire a few years ago and were unencumbered,” said Cohen. “We structured a 5-year loan with favorable terms which will provide flexibility.”

929 Willow Avenue/206 Bloomfield Avenue are the locations of two multifamily locations in Hoboken, N.J. The $2.75 million finance was structured with a 12-year term and 30-year amortization schedule. Cohen worked exclusively with the borrower to finance this loan through a local bank.

“Each building has been owned by the principals for a long time and had no debt,” said Cohen. “They financed the assets and used all of the proceeds for a new development deal in Hoboken.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.