Northmarq Capital Arranges $81.9 Million Refinance For Affordable Housing in Hoboken

Affordable Hoboken properties refinanced by NorthMarq Capital, clockwise from upper left: Hudson Estates, Washington Estates, Bloomfield Manor, and Midway Apartments

HOBOKEN, NJ—NorthMarq Capital arranged the $81.9 million refinancing of four affordable housing properties in Hoboken, NJ. The properties include a combined 448 units and are managed by Applied Housing Management . The transaction was structured with a 10-year term and 30-year amortization schedule. Gary Cohen , senior vice president/senior director of NorthMarq Capital’s New Jersey-based regional office, arranged financing for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac . “The four properties are subject to long-term regulatory agreements where 40 percent of the apartments must be rented to Section 8 tenants,” says Cohen . “ Freddie Mac provided a competitive deal where the borrower was able to reduce the interest rate on the loans and pull out a significant amount of equity.” The properties are: Hudson Estates , 1202-1220 Hudson Street, 162 units; Washington Estates, 1203-1217 Washington Street, 154 units; Bloomfield Manor, 1305-1307 Bloomfield Street, 55 units; and Midway Apartments, 450-460 5th Street , 77 units.