PARSIPPANY, NJ-The New Jersey office of NorthMarq Capital has announced that mortgage-banking veteran Gary Cohen has joined its production team as a senior vice president. Cohen most recently managed the New Jersey office for Centerline Capital where he consistently ranked among its top-producing brokers.
NorthMarq senior vice president and managing director Greg Nalbandian said, “Gary is a terrific fit for us, and his clients will benefit greatly from our very extensive life company platform in addition to continuing his deep relationships with Fannie Mae and Freddie Mac.”
The news comes on the heels of a successful fourth quarter for NorthMarq. The company closed several multifamily loans in excess of $100 million during Q4 2010. Notable transactions include a $40-million refinance of a high-rise and a $23.5-million refinance of a garden-style complex in Bergen County.
Nalbandian notes that the deals were early refinances with the agencies where it made good economic sense to lock in historically low interest rates now. “Despite two to three years remaining on the existing loans, reducing the coupon by anywhere from 100 to 200 basis points coupled with a very meaningful cash out component which more than covered the prepayment penalty enabled our clients to lock in these 10-year deals early through our seller/servicer relationship with Freddie Mac,” he tells GlobeSt.com.
NorthMarq also arranged a $24-million construction loan for the first phase of a prime mixed-use development site along New Jersey’s Gold Coast, which will consist of 88 multifamily rental units and 18,000 square feet of ground floor retail. Nalbandian says, “At a time when very few construction loans are getting done, we were able to demonstrate the strategic location of the subject site along with the sponsor’s strong track record of success for these types of projects.” Funded through a regional bank, the loan also has a conversion feature to a permanent loan once certain leasing hurdles and debt service coverage ratios are met.
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