NorthMarq has arranged the refinancing of a $31.3 million loan on North Village I and II in Little Ferry, New Jersey.
The 160-unit multifamily property North Village I was financed at $12.7 million and the 248-unit multifamily property North Village II was financed at $18.5 million. Financing was based on a 7-year term with two years interest only then a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The owner of the properties is a local investor who owns other apartments building in the area.
Robert Ranieri, senior vice president and managing director of NorthMarq’s Westchester, New York Regional office and Greg Nalbandian, senior vice president and managing director of NorthMarq’s North New Jersey Regional office, cooperated to arrange the deal.
“Both the properties are very well occupied, and we have financed several times in the past 15 years,” Mr. Ranieri said. Part of the loans were used “to fix up the outside and the apartments, and as a results they were able to increase the rents,” Mr. Ranieri added.
NorthMarq is the largest privately held commercial real estate financial intermediary in the U.S. and has an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion.