Eastview Apartments in Hoboken — Courtesy: NorthMarq
By Joshua Burd
The owner of four affordable housing properties in Hudson County has refinanced for $69 million, in a transaction arranged by NorthMarq’s northern New Jersey office.
In a news release, the firm said it represented the borrower in sourcing the financing through two New Jersey-based banking institutions. The properties, which are occupied by tenants receiving Section 8 tenant-based housing vouchers, include:
- Church Square South, an 81-unit property in Hoboken
- Eastview Apartments, a 79-unit property in Hoboken
- New Floral Gardens, a 91-unit property in North Bergen
- Parkview East, a 71-unit property in Weehawken
Gary Cohen, a senior vice president with NorthMarq and managing director of its North Jersey office in Morristown, completed the assignment. He noted that each property is managed by Applied Housing Management Co.
“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 said.
