The Courtyards at 200 Delanco Road in Edgewater Park — Courtesy: Northmarq
By Joshua Burd
The owner of a 296-unit apartment complex in Burlington County has refinanced the property for $16.9 million, under a deal arranged by Northmarq’s New Jersey office.
The capital markets firm said it represented First Montgomery Group, the borrower, in sourcing the loan through a correspondent life insurance company. The property, The Courtyards, is a collection of one- and two-bedroom homes at 200 Delanco Road in Edgewater Park, boasting updated interiors and amenities such as a swimming pool, a fitness center and a clubhouse.
Northmarq Managing Director and Senior Vice President Gary Cohen brokered the permanent fixed rate loan, which was structured with a 15-year term with five years of interest only, followed by a 30-year amortization at a rate below 3 percent.
“First Montgomery Group is a full-service real estate investment and development company active in the residential multifamily business in and around New Jersey,” Cohen said. “Northmarq was hired by FMG to arrange long-term financing and we were successful in arranging a 15-year loan,” Cohen said. “The interest rate was fixed six months prior to closing, enabling the borrower to lock in favorable terms.”