New York & Tri-State + New Jersey + Finance | December 20, 2022

Northmarq arranged an $11-million refinancing of the Gilbert Manor Apartments in Little Ferry, NJ

Northmarq Arranges Refi for Little Ferry Apartments

Robert Ranieri, SVP/managing director of Northmarq’s White Plains, NY regional office, arranged the $11-million refinance of the Gilbert Manor Apartments, a multifamily property located at 269-297 Liberty St. and 258 Main St. in Little Ferry, NJ.

The transaction was structured on a five-year term with two years interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through a regional bank.

Built in the early 1960s, Gilbert Manor Apartments is a 108-unit garden apartment complex. Within one mile, the apartment complex has three shopping centers. It also has five parks within 11.8 miles, including Overpeck County Park, Teaneck Creek Conservancy and Flat Rock Brook Nature Center.

“This refinance of an existing Freddie Mac Multifamily loan was possible with Northmarq’s Defeasance Services handling the defeasance,” said Ranieri. “The borrower was looking for prepay flexibility as well as interest only and collateral release provisions.”

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Northmarq's Ranieri

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).