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 Secures $67M to Refi Hudson County Affordable
Gary Cohen, managing director of Northmarq’s New Jersey office, secured financing totaling $66.5 million for three affordable multifamily properties located throughout Hudson County, New Jersey. The properties, all under PILOT agreements, contain a combined 376 units and are subject to Long Term HAP (Housing Assistance Payments) Contracts.
Largest of the three refinancings was $32.5 million for the 116-unit Westview Apartments in Hoboken, NJ. Cohen also arranged loans for two North Bergen, NJ properties: a $22-million ref of New Floral Gardens 1B and a $12-million refi of New Floral Gardens II.
The loans were structured with a 10-year term followed by a 30-year amortization schedule and were index locked in August. Northmarq secured the financing for the borrower, an affiliate of the Applied Housing Management Company, through its OPTIGO status as a Freddie Mac Lender, achieving a rate below 3% prior to the latest run-up in Treasuries, Cohen said.
- ◦Financing
