Northmarq arranges $10 million Fannie Mae refinancing for multifamily property in Bloomfield, NJ
WHITE PLAINS, N.Y. (Mar. 5, 2024) — Robert Ranieri, senior vice president/managing director of Northmarq’s Greater White Plains regional office arranged financing of Washington Heights Apartments in Bloomfield, NJ. The 96-unit, five-story, elevatored building was built in 1962 and is located within walking distance of the Bloomfield train station. Northmarq arranged the permanent fixed loan for the borrower through its in-house Fannie Mae team.
“The client is a long time Northmarq multifamily borrower, and we have refinanced this property three times,” said Ranieri. “This refinance is mission-driven business and provides affordable housing in this high-cost New Jersey market.”
The property features a mix of studios, one- and two-bedroom units across the four adjoined buildings on approximately 2.17 acres. Amenities include on-site laundry facilities, four elevators and a buzzer intercom system.
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