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Posted: January 24, 2017
Avison Young arranges $20 million refinance loan for new multifamily building in Hudson County
Morristown, NJ According to Jeffrey Heller, Avison Young, principal and managing director of the company’s N.J. office, its Capital Markets Group arranged a $20 million term loan to refinance a new multifamily building in Hudson County.
The five-year term loan refinanced the existing construction loan and provided cash-out equity. The Avison Young New Jersey Capital Markets Group comprised of George Gnad, principal, Jonathan Kristofich, vice president, and Michael Winters, senior associate, brokered the loan for the sponsor.
“Our Capital Markets team is adept at analyzing situations and securing financial structures that make sense for the borrower,” said Gnad. “In this case, we were tasked with finding a lender who would refinance an existing construction loan on a new property while providing cash-out; in today’s tighter lending environment, securing that kind of financing can be a challenge. The team was able to lean on their experience in Hudson County and numerous lender relationships to secure a loan with favorable terms that addressed all the borrower’s needs.”
Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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