Fort Lee, N.J.– NorthMarq Capital arranged an $8,900,000 permanent loan for Hampshire House, a 205-unit luxury co-op located at 1590 Anderson Avenue in Fort Lee, N.J. Greg Nalbandian, senior vice president and managing director of NorthMarq’s New Jersey office secured the financing through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The 20-year self-liquidating loan was used to retire an existing insurance company permanent loan.
NorthMarq negotiated with the existing lender to dramatically discount the prepayment penalty to a level where refinancing was the most fiscally sound course of action for the trustees.
“We worked for several months to effectuate the prepayment level that was needed to get this deal done. As a result of the financing, the borrower was able to significantly lower his rate, raise capital and lock in very favorable financing in this current low rate environment,” said Nalbandian.
NorthMarq Capital also arranged a $24,750,000 permanent loan for a 300-unit apartment complex in College Park, Md. The seven-year interest-only loan was also executed through AmeriSphere.
NorthMarq reached an agreement with the existing life company lender to discount the prepayment penalty to achieve the recasting of the loan.
Nalbandian noted, “We saved the institutional sponsor millions of dollars on their prepayment penalty enabling them to significantly better their rate on an interest-only basis and lessen their loan term to be more in line with their exit strategy.”
Additionally, through its affiliate, AmeriSphere, a Fannie Mae permanent loan of $4,320,000 was obtained for the acquisition of an 84-unit apartment complex in Middletown, Md. Nalbandian said that the 10/30 loan was secured at the rate of 5.43 percent at an 80 percent LTV ratio.