NorthMarq Capital’s New Jersey office arranges $81.9 million refinance for four affordable housing properties in Hoboken
Affordable Housing Properties
NEW JERSEY (April 21, 2016) – Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey-based regional office, arranged the $81.9 million refinancing of four affordable housing properties in Hoboken, New Jersey. The properties consist of a combined 448 units and are managed by Applied Housing Management. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The four properties are subject to long-term regulatory agreements where 40 percent of the apartments must be rented to Section 8 tenants,” explained Cohen. “Freddie Mac provided a competitive deal where the borrower was able to reduce the interest rate on the loans and pull out a significant amount of equity.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
