6B — December 13 - 26, 2019—Northern New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N orthern NJ
ORT LEE, RED BANK &EDISON, NJ — Gary Cohen , senior VP/man- Cohen, senior VP/managing director of NorthMarq’s New Jersey office arranges financing NorthMarq completes three loans totaling a combined $59.85 million in Fort Lee, Red Bank & Edison, NJ F
aging dir. of NorthMarq’s NJ office ar- r anged f i - nancing for three proper- ties totaling a combined $59.85 mil- l i o n . T h e
Gary Cohen
properties are located in Fort Lee, Red Bank and Edison. Med i t e r ranean Hous e : NorthMarq arranged a $25 million refinance for Mediter-
Mediterranean House in Fort Lee
Fortune Square Apartments
ranean House, located at 505 North Ave. in Fort Lee. The property is a 19-story building containing 306 apartments. The property is subject to a long term HAP contract for residents 62 and older. The refinance allowed the original ownership group to reduce their interest rate in half and return equity to the partners. Fortune Square Apartments: A $7.35 million loan was ar- ranged on Fortune Square Apartments, a 31 unit apart- ment building in Red Bank. The property was developed in conjunction with the T. Thomas Fortune Project where the spon- sor, Roger Mumford Homes, committed to restoring and pre- serving the original T. Thomas Fortune house which is located in front of the apartments. It was thereafter unveiled to the public as the T. Thomas Fortune Cultural Center. Warehouse/Distribution Facility: NorthMarq arranged a $27.5 million refinance on a 346,000 warehouse/distribu- tion facility in Edison. “Our client was seeking a long term fixed rate loan and we arranged a 20 year term/ 25 year amortization with a na- tional life insurance company,” said Cohen. As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60- year history, annual transac- tion volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.
R E C E N T T R A N S A C T I O N S
MULTIFAMILY $25,000,000 MEDITERRANEAN HOUSE FORT LEE, NJ | 306 UNITS BANK
MULTIFAMILY $7,350,000 FORTUNE SQUARE RED BANK, NJ | 31 UNITS BANK
INDUSTRIAL $27,500,000
2900 WOODBRIDGE EDISON, NJ | 346,000 SF LIFE COMPANY
O U R N E W J E R S E Y T E A M
Gary Cohen Managing Director
Marc Nevins Vice President
COMMERCIAL REAL ESTATE DEBT & EQUITY | INVESTMENT SALES | LOAN SERVICING
Call us at 973.538.2330 or visit northmarq.com/north-new-jersey
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