Camelot at Cinnaminson — Courtesy: NorthMarq Capital
By Joshua Burd
The owner of a 405-unit multifamily complex in Cinnaminson has refinanced the property for $38 million, under a recently announced transaction by NorthMarq Capital.
Working on behalf of Kaplan Cos., NorthMarq’s New Jersey office secured the loan for the property at 198 Camelot Court, also known as Camelot at Cinnaminson. The firm arranged the permanent fixed-rate financing through its correspondent relationship with a life insurance company.
NorthMarq Managing Director Gary Cohen and Investment Analyst Marc Nevins completed the transaction.
“NorthMarq was hired by Kaplan to arrange long term financing and we were successful in arranging a 30-year self-amortizing loan with a national life company,” Cohen said. “The interest rate was set in the beginning of May enabling the borrower to lock in favorable terms months before their existing loan was open to prepayment.”