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NorthMarq Secures $38M in MF Loans

PARSIPPANY, NJ-The financing for all three loans was arranged through Fannie Mae DUS lender AmeriSphere Multifamily Finance.

By Alyson Grala | Updated on March 21, 2010

PARSIPPANY, NJ-Locally based NorthMarq Capital recently arranged several multifamily loans totaling $38 million, including an $8.9 million permanent loan for Hampshire House in Fort Lee, a 205-unit luxury co-op located at 1590 Anderson Ave. Greg Nalbandian, senior vice president and managing director of NorthMarq’s New Jersey office secured the financing through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The 20-year self liquidating loan was used to retire an existing insurance company permanent loan.

NorthMarq negotiated with the existing lender to dramatically discount the prepayment penalty to a level where refinancing was the most fiscally sound course of action for the trustees, according to Nalbandian. “We worked for several months to effectuate the prepayment level that was needed to get this deal done,” he says. “As a result of the financing, the borrower was able to significantly lower his rate, raise capital and lock in very favorable financing in this current low rate environment.”

In a separate deal, NorthMarq also arranged a $24.75 million permanent loan for a 300-unit apartment complex in College Park, MD. The seven-year, interest only loan was, again, done through AmeriSphere. NorthMarq reached an agreement with the existing life company lender to discount the prepayment penalty and recast the loan. Nalbandian tells GlobeSt.com, “We saved the institutional sponsor millions of dollars on their prepayment penalty enabling them to significantly better their rate on an interest only basis and lessen their loan term to be more in line with their exit strategy.”

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