F inancial D igest
M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — 15A
www.marej.com
The properties contain a combined 387 units located in Middlesex County NorthMarq completes financing of $50,869,000 for three multifamily properties throughout NJ
M
I D D L E S E X COUNTY, NJ — Gary Cohen , senior
vi ce pres i - dent/manag- ing director o f No r t h - Marq’s New J e r s e y o f - fice secured f i n a n c i n g t o t a l i n g $50.869 mil-
Gary Cohen
lion for three multifamily properties located in Middle- sex County. The properties contain a combined 387 units. The Middlesex multifam- ily markets remained resil- ient throughout 2020, with a strong renter demand and is forecast to remain steady in 2021. Camelot at Townelake: NorthMarq arranged the $27 million refinance of this 184-unit multifamily prop- erty located at 100 Baist Dr. in Sayreville. The prop- erty consists of 124 one bed- room/one bath units and 60 two bedroom/two bath units.
Camelot at Townelake
Country Living at Mapleview
Kendall Court
The transaction was struc- tured with a 35-year fully amortizing term. NorthMarq arranged the permanent- fixed loan for the borrower, The Kaplan Companies , through its correspondent relationship with a life insur- ance company. “The Kaplan Companies, a best in class developer of pre- mier apartment communities, was looking for a long term, self-amortizing loan. We re- ceived multiple competitive quotes and we were able to
secure one at a great rate with terms that met their business plan,” said Cohen. Country Living at Maplev- iew: NorthMarq arranged the $17.775 million refinance of this 137-unit multifamily property located at 109A Ma- pleview Drive in Old Bridge, New Jersey. The property con- tains 1 studio/one bath unit,12 one bedroom/one-bathroom units, 124 two bedroom/two- bathroom units and 24 two- bedroom townhouse/1.5-bath- room units.
Kendall Court: NorthMarq arranged the $6.094 mil- lion refinance of this 66-unit multifamily property located at 51 Schmidt Lane in North Brunswick, New Jersey. The property consists of 54 one bedroom/one bathroom with den units and 12 two bed- room/1 bathroom with den units. Both properties were struc- tured with a 10-year term, 2 years of interest only pay- ments followed by a 30-year amortization schedule. North-
Marq secured the financing for the borrower, an affiliate of the Kamson Corporation, through its OPTIGO status as a Freddie Mac Lender . “The Kamson Corporation is one the northeast’s premier apartment management orga- nizations and is very active in the Central New Jersey mar- ket,” said Cohen. “NorthMarq was able to help Kamson se- cure long-term financing for both properties at an attrac- tive rate and before the latest run up in Treasuries.” MAREJ seamless. We look forward to working with Kearny on future financing needs and greatly appreciate having them as our capital partner.” Said Shulman. Shulman added, “we have capital on the sidelines and are looking to deploy in either core, value-add, or ground up industrial in northern NJ. It is a competitive marketplace, and we have a great team at STRO that can execute quickly and provide immediate feed- back when offered a deal.” Founded in 1994 by Steven Millstein, The Stro Companies are generational owners ac- tively pursuing both value-add and stabilized industrial real estate acquisitions in North- ern New Jersey. They cur- rently maintain a portfolio of over 32 properties comprising of approximately 2.5 million s/f of industrial properties. MAREJ
The Stro Companies refinances five industrial properties inNorthernNewJerseywithKearny Bank for $27,800,000
NORTHERN NJ — The Stro Companies has success- fully refinanced five industrial properties totaling 340,000 s/f
in Northern New Jersey with Kearny Bank for a c o m b i n e d $27,800,000. The proper- ties are locat- ed at; 1110 Springf ield
Jack Shulman
Rd. in Union, 235 & 245 Peg- asus Ave. in Northvale, 370 North St. in Teterboro, and 500 W Main St. in Wyckoff. All the properties have an abundance of loading docks, drive-ins, high ceilings for warehousing-distribution, and adequate truck circula- tion. They are all located in infill submarkets where there is a tremendous demand for last-mile distribution and e-
these transactions and were very competitive on pricing,” said Jack Shulman , director of leasing, acquisitions and capital markets at STRO. “Banks are eager to lend on low leverage, stable, multiten- 1110 Springfield Rd. in Union, NJ
commerce tenants. “We are thrilled to have consummated these refinances with Kearny Bank. Despite the obvious setbacks associ- ated with COVID-19, Kearny was able to swiftly execute on
ant industrial assets that are located in north New Jersey, where majority of STRO’s port- folio is located,” said Shulman. “Special thank you to Ke- arny Bank’s Gary Brozowski for making these transactions
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