"Hudson Terrace is located in Fort Lee, NJ, a very strong residential market with excellent access to public transportation and employment centers," said Josh Messier of Centerline. "The local area is expected to continue to grow and the property has operated successfully as a cooperative for 29 years. These factors, combined with solid deal sponsorship and previous Fannie Mae experience made the cooperative an ideal candidate for a Fannie Mae execution."

The property is professionally managed by Foremost Management Corporation, a Palisades Park-based residential and commercial management firm. Foremost provides services to more than 40 condominiums and cooperatives associations throughout Northern NJ, consisting of more 1,800 units.

The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.