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$5.25-Mil First Mortgage Set for Apartments

ELIZABETH, NJ-The 13-story, 26-year-old senior-housing complex, comprising nearly 200 units, is owned by an affiliate of Marshall & Moran. The refinancing was achieved under recent HUD regulations.

By Eric Peterson | Updated on August 16, 2001

ELIZABETH, NJ-Harold D. Baker & Co., a New York-based firm, has arranged $5.25 million in first mortgage financing for Elizabeth Tower, a 13-story senior-housing complex. Built in 1975 and comprising 193 units, the asset is owned by an affiliate of Marshall & Moran, Inc of Morristown, NJ.

The loan was placed for a 10-year-term with 30-year amortization with a major commercial bank. The conventional refinancing was arranged under recent HUD regulations allowing Section 236 decoupling, which enables the owner to retain the original HUD interest rate reduction payment. The proceeds were used to refinance taxable housing agency bonds issued to build the project.

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