8A — August 15 - 28, 2014 — M id A tlantic

Real Estate Journal


M ultifamily F inancing A 17-unit set of property located at 34-38 41st St. in Astoria

NorthMarq Capital arranges $2.85m refinance of 41st Street Apartments in Astoria, New York A STORIA , NY — Charles Cotsalas , senior director of

“StanCorp was able to get their hands around a few mishaps during the Great Recession unlike many other lenders,” said Cotsalas. “This is an extremely well located property, borrower construct- ed in the heat of Astoria, Queens.” n OCEAN TWP., NJ —State and local government officials gathered in the Township of Ocean yesterday with repre- sentatives from Ingerman , a leading developer, manager and builder of multi-family apartment communities, to break ground on The Willows at Waretown, a new communi- ty of 76 affordable apartments for seniors. The groundbreaking – at- tended by Township of Ocean Mayor Dennis Tredy; Deputy Mayor Christina Wetter; De- partment of Community Af- fairs Commissioner Richard Constable, III; New Jersey Housing and Mortgage Fi- nance Agency Executive Direc- tor Anthony Marchetta and Ingerman Development Prin- cipal Lara Schwager – was a culmination of a four-year ef- fort among the township , the state and Ingerman to help re- vitalize the town’s center with new affordable and convenient housing for seniors, including many who were displaced by Hurricane Sandy. Ingerman was awarded $9 million in Community Development Block Grant funding and $500,000 in tax credits to build The Willows at Waretown Town Center, a mixed-use plaza already comprising a Shop-Rite, a Dunkin’ Donuts, numerous local restaurants and shops, and a bus stop. “We have a vision for Ware- town Town Center, and our community has a critical need for this development.” Tredy said. “Many of our senior resi- dents lost their homes during Hurricane Sandy and need rental housing options that are within walking distance to local amenities. We look forward to our continued col- laboration with Ingerman as we move to the next phase of this project.” The community is expected to be ready for move-ins com- mencing in summer 2015. n Ingerman awarded $9m for senior housing community

NorthMarq Capital ’s New York metro based office se- cured the $2.85 million re- finance of the 41st Street Apartments, a 17-unit set of property located at 34-38 41st St. in Astoria. The transaction was s structured with a 10- year term and 25-year amor- tization schedule. NorthMarq arranged financing for the bor- rower, StanCorp Mortgage Investors, LLC through its correspondent relationship with a life company.

41st Street Apartments


My loan was declined

$27,500,000 Limited Recourse Construction Loan 265 units Jersey City, NJ

$6,277,000 Non-Recourse Real Estate Portfolio Totaling 81 units Irvington, NJ

Loan Programs • Permanent • Construction

• Bridge • Rehab • Private Equity • Debt Restructure • Non-Recourse Available

Rates As Low As 2.75%

Property Types • Multi-Family • Retail • Self-Storage

$4,000,000 Non-Recourse Refinance 31 units Passaic, NJ

$5,900,000 Non-Recourse Acquisition Loan 72 units Matawan, NJ

• Office/Medical • Mixed-Use • Industrial/Warehouse • Hotel/Hospitality

Progress Capital | The Funding Source (732) 389-9701

www. P rogress C apital A dvisors.com Kathy Anderson • Brad Domenico

Made with FlippingBook - Online magazine maker