Search
 

Institutional Equity JV To Purchase Co-Ops

RIVERDALE, NY-NorthMarq arranges financing for a $37.2-million jv to acquire a portfolio of 261 unsold co-op units here; it also arranges $17 million in Manhattan.

By Natalie Dolce | Updated on August 21, 2007

(Read more on the debt and equity markets and the multifamily market .)

RIVERDALE, NY-NorthMarq Capital Inc., headquartered in Minneapolis, arranged financing for a $37.2-million institutional equity joint venture to acquire a portfolio of 261 unsold co-op units here. NorthMarq worked side-by-side with the client and institutional investor, and demonstrated the advantages of this niche market and the benefit of purchasing the units all equity, according to Greg Nalbandian, VP of NorthMarq Capital’s Northern New Jersey regional office.

“If funded by traditional debt, the units, which operated at breakeven, would have required a substantial interest reserve,” says Nalbandian. “NorthMarq created an institutional equity joint venture to mitigate the interest reserve structure.” A source close to the deal could not give further information due to confidentiality reasons.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.