New Floral Gardens II at 2615-2635 Kennedy Blvd. in North Bergen — Courtesy: Northmarq
By Joshua Burd
The owner of three affordable housing properties in Hudson County has secured nearly $67 million in financing for the portfolio, according to an advisory team with Northmarq.
In a news release, firm said it represented an affiliate of Applied Housing Management Co. in sourcing the debt. The loans, which have a 10-year term followed by a 30-year amortization schedule, are tied to a 376-unit portfolio that includes Westview Apartments at 55-75 Bloomfield St. in Hoboken and two North Bergen properties, New Floral Gardens 1B at 26th Street and Newkirk Ave. and New Floral Gardens II at 2615-2635 Kennedy Blvd.
All three properties are under payment in lieu of taxes agreements and are subject to long-term Housing Assistance Payments contracts with the federal government.
“Applied Housing Management is the premier affordable apartment management organization in Hudson County,” said Gary Cohen, senior vice president and managing director of Northmarq’s New Jersey office. “Northmarq arranged long-term financing for all three properties at a rate below 3 percent prior to the latest run up in Treasuries.”
The financing includes $32.5 million for Westview Apartments, the Hoboken property, which comprises 116 units. Northmarq noted that the complex was built in 1905 and renovated in 1995, comprising a mix of one-, two- and three-bedroom homes.
Meantime, Applied is refinancing New Floral Gardens 1B for $22 million and New Floral Gardens II for $12 million, according to a news release. The properties were built in 1959 and 1952, respectively, containing 145 and 115 units.
