September 13, 2019
Gary Cohen, SVP/managing director of NorthMarq’s North New Jersey office, recently arranged the refinancing of four affordable properties in New Jersey’s Hudson County. The refi totaled $69 million.
The properties, all occupied by tenants receiving Section 8 Tenant-based housing vouchers, include: Church Square South: 81 units in Hoboken; Eastview Apartments, 79 units in Hoboken; New Floral Gardens, 91 units in North Bergen; and Parkview East, 71 units in Weehawken.
NorthMarq arranged financing for the borrower through its relationship with two New Jersey-based banking institutions. All four of the properties have been subject to long-term HAP (Housing Assistance Payment) contracts and are managed by Applied Housing Management Company.
“With the declining interest rate environment, our client was able to refinance the properties and return equity to their partners at historically low rates,” said Cohen.
Pictured: Eastview Apartments in Hoboken.
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