HOBOKEN, NJ-NorthMarq has arranged $33.8 million in refinanced mortgages for three affordable housing properties in Hudson County. Gary Cohen, senior director of NorthMarq's regional office in northern New Jersey handled the transactions.
The three properties with a total of 241 units have long-term contracts with the Housing Assistance Program, Cohen said. “We were able to secure 10-year term and a 30-year amortization schedule for the financing through NorthMarq's relationship with a local bank.”
“The debt on these properties was maturing and we were able to bring in a New Jersey-based institution that provided a very competitive interest rate,” Cohen said.
The properties are:
- Eastview Apartments, 58-72 Washington St., Hoboken, 79 units. The asset was financed at $15.68 million.
- New Floral Gardens 1A, 2515-2517 Cottage Ave., North Bergen, 91 units; financed at $8.9 million.
Park View East Apartments, 4300 Park Ave., Weehawken, 71 units; financed at $8.8 million.
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