Northmarq completes financing of $66,500,000 for three affordable multifamily properties throughout Hudson County, New Jersey
MORRISTOWN, NEW JERSEY (January 3, 2022) – Gary Cohen, senior vice president/managing director of Northmarq’s New Jersey office secured financing totaling $66.5 million for three affordable multifamily properties located throughout Hudson County, New Jersey. The properties, all of which are under PILOT agreements, contain a combined 376 units and are subject to Long Term HAP (Housing Assistance Payments) Contracts.
Westview Apartments: Northmarq arranged the $32,500,000 refinance of this 116-unit multifamily property located at 55-75 Bloomfield Street in Hoboken, New Jersey. The property (originally built in 1905 and renovated in 1995) consists of sixty-three 1-bedroom/1-bath units, thirty-nine 2-bedroom/1-bath units and fourteen 3-bedroom/1-and-a-half-bath units.
New Floral Gardens 1B: Northmarq arranged the $22,000,000 refinance of this 145-unit multifamily property (originally built in 1959) located at 26th Street & Newkirk in North Bergen, New Jersey. The property consists of 39 one-bedroom/one-bath units, 54 two-bedroom/one-bathroom units, forty-nine 3-bedroom/1-and-a-half-bathroom units and three 4-bedroom/1-and-a-half-bathroom units.
New Floral Gardens II: Northmarq arranged the $12,000,000 refinance of this 115-unit multifamily property located at 2615-2635 Kennedy Boulevard in North Bergen, New Jersey. The property (originally built in 1952) consists of 28 studios/one-bath units, eighty-four 1-bedroom/1-bath units and three 2-bedroom/one-bath units.
The loans were structured with a 10-year term followed by a 30-year amortization schedule and were index locked in August. Northmarq secured the financing for the borrower, an affiliate of the Applied Housing Management Company, through its OPTIGO status as a Freddie Mac Lender.
"Applied Housing Management is the premier affordable apartment management organization in Hudson County,” said Cohen. “NorthMarq arranged long-term financing for all three properties at a rate below three percent prior to the latest run up in Treasuries.”
The Hudson County multifamily markets continued to post sturdy performance throughout 2021, with renter demand proving to be quite resilient and is forecast to remain strong.
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.
