Gilbert Manor Apartments at 269-297 Liberty St. and 258 Main St. in Little Ferry— Courtesy: Northmarq
By Joshua Burd
A garden apartment owner in Little Ferry has refinanced a 108-unit complex for $11 million, according to a debt placement team with Northmarq.
In a news release, the capital markets firm said a regional bank provided the fixed-rate loan on a five-year term with two years of interest only, followed by a 30-year amortization schedule. Proceeds are supporting Gilbert Manor Apartments, a seven-building property at 269-297 Liberty St. and 258 Main St., which was constructed in the early 1960s.
“This refinance of an existing Freddie Mac Multifamily loan was possible with Northmarq’s Defeasance Services handling the defeasance,” said Robert Ranieri, senior vice president with Northmarq and managing director of its regional office in White Plains, New York. “The borrower was looking for prepay flexibility as well as interest only and collateral release provisions.”
Ranieri arranged the debt, noting that the 3.39-acre property has one-bedroom units with private entrances, new windows, hardwood floors, upgraded kitchens and bathrooms, modern laundry facilities and ample off-street surface parking. The complex is also within a mile of three shopping centers and has five parks within a 12-mile radius.
