NorthMarq’s North New Jersey office arranged $69 million in refinancing for four affordable properties in Hudson County.
The properties, all occupied by tenants receiving Section 8 Tenant based housing vouchers, include an 81-unit property in Hoboken; a 79-unit property in Hoboken; a 91-unit property in North Bergen and a 71-unit property in Weehawken.
Gary Cohen, senior vice president and managing director of NorthMarq, arranged the loan for the borrower through its relationship with two New Jersey-based banking institutions.
“With the declining interest rate environment, our client was able to refinance the properties and return equity to their partners at historically low rates,” Cohen stated.
Each of the properties has been subject to long term HAP (Housing Assistance Payment) contracts and are managed by Applied Housing Management Co.