Norse Holdings Refinanced Five Properties for $15M

Norse Holdings has refinanced five apartment properties with a total of $15.2 million from five Freddie Mac Small Balance Loans.

“In order to maximize cash-out proceeds for each deal, we had to mix and match different loan terms for the various properties because of the different markets they are in,” noted Steven Cox, managing director at Hunt Mortgage Group. “As a result, Clementon Norse and Woodbine were executed with a 10-year fixed rate loan, while the other three were structured with five-year hybrid terms.”

The properties include:

– Beachview Gardens, a 97%-occupied, 44-unit multifamily property located at 544-560 Beachway Ave. in Keansburg, NJ.

– Clementon Norse Apartments, a 56-unit multifamily property located at 222 White Horse Pike in Clementon, NJ.

– 165 Quincy Ave. Apartments, a nine-unit property in Kearny, NJ.

– 388 Smith St., a rent-controlled 12-unit multifamily property in Perth Amboy, New Jersey.

– Woodbine Apartments, a 48-unit multifamily property at 300 Broadway in Westville, NJ.

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