Tireno Towers at 15 1st St. in Hackensack — Courtesy: Northmarq
By Tina Traster
The owner of a 54-unit apartment building in Hackensack has secured $9 million to refinance the property, in a transaction arranged by Northmarq.
Robert Ranieri, a senior vice president and managing director of the capital markets firm’s White Plains office, sourced the loan on behalf of the borrower. A regional bank originated the debt in connection with Tireno Towers at 15 1st St., providing a 10-year term with one year of interest only and a 30-year amortization schedule.
“The borrower was interested in a short-term bank loan with a flexible prepayment,” Ranieri said. “We went to numerous New Jersey banks for the best deal for this strong, locally based client. We had many options and were able to get the client the best mix of rate, proceeds and fees.”
Built the late 1960s, Tireno Towers has a mix of studio, one-bedroom and two-bedroom units, according to a news release. Amenities include balconies, laundry facilities on each floor and covered and surface parking, while three former office suites are in the process of being converted to four additional apartment units and the lobby is being completely renovated.
