New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Sale/Acquisition
- ◦Financing

