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New York & Tri-State  + New Jersey  + Finance  | 
Hudson Tea Parking Garage is a busy, 389,984-square-foot garage in Hoboken, New Jersey

Northmarq Lines Up Acquisition Loan for Busy Hoboken Parking Garage 

Daniel Karp, VP of Northmarq’s Boston regional office, arranged $26.4 million in acquisition financing for the eight-story, 1,250-space Hudson Tea Parking Garage in Hoboken, NJ. The busy, 389,984-square-foot garage, located at 1450 Bloomfield St., was built in 2004 by Toll Brothers. 

Northmarq secured the permanent, fixed-rate loan on behalf of the borrower, Boston-based LAZ Parking Realty Investors, through its correspondent relationship with a life insurance company. The financing included a 10-year term with five years of interest only payments followed by a 30-year amortization schedule. Karp noted that the terms weer favorable for both the borrower and lender. 

“Hoboken is a tight market for parking as there are fewer than 10,000 street parking spaces in the city and only five municipal parking garages, so a well-operated parking garage is in high demand,” said Karp. The financing is the latest in a series that NorthMarq has arranged for LAZ. 


Inside The Story

Northmarq's Karp

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 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).

  • ◦Sale/Acquisition
  • ◦Financing