NorthMarq Capital Arranges $16M Refi for NJ Community
The 10-year Freddie Mac financing for the 227-unit Village Manor in the western Manhattan suburb of Nutley retires an existing CMBS loan.
New Jersey-based Tidewater Management has received a $16 million Freddie Mac loan for Village Manor, a 227-unit community in the western Manhattan suburb of Nutley, N.J. The 10-year term and 30-year amortization schedule mortgage retires an existing $12.5 million CMBS financing set to mature in 2020, according to Yardi Matrix data. NorthMarq Capital arranged both loans for the garden-style property.
Located at 41 Warren St., the community is 13 miles of Midtown Manhattan. Village Manor was built in 1945 on a 33.7-acre site in a dense residential area, with access to several retail and dining options. The asset contains one- and two-bedroom apartments in 13 three-story buildings, with common-area amenities including a playground, four laundry facilities and 275 parking spaces. Per Yardi Matrix data, the property was fully leased as of March.
Recently, NorthMarq Capital also secured a 10-year Freddie Mac loan for Eagle Landing Apartments, a 768-bed student housing project in Daytona Beach, Fla. The community is close to popular schools such as Embry-Riddle Aeronautical University, Daytona State College and Bethune Cookman University.