Cohen of NorthMarq closes $1.7 million loan to refinance Kirkview Apartments

NorthMarq's New Jersey office recently closed a $1.7 million loan for the refinancing of Kirkview Apartments, a 54-unit three-story, market-rate multifamily property. The borrower worked exclusively with Gary Cohen, senior vice president and senior director of NorthMarq's North New Jersey regional office, to finance this loan through a local bank. Financing was based on a 5-year term and a 30-year amortization schedule. "The existing lender was unable to reach the borrower's desired proceeds and we were able to introduce a new lender who was comfortable with both the property and borrower principal," said Cohen. NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plusâ„¢ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.