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.”