TODAY’S DEALS: NorthMarq Capital Arranged  $10M Loan for 372-Unit Complex, and Other Transactions

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By Anuradha Kher, Online News EditorMorris County, N.J.–NorthMarq Capital has closed a $10 million multifamily loan on a 372-unit garden-style apartment complex in Morris County, N.J.  NorthMarq said its New Jersey team canvassed the market and quickly obtained extremely favorable financing for this upscale complex with a full amenities package.  Through its relationship with a […]

By Anuradha Kher, Online News EditorMorris County, N.J.–NorthMarq Capital has closed a $10 million multifamily loan on a 372-unit garden-style apartment complex in Morris County, N.J.  NorthMarq said its New Jersey team canvassed the market and quickly obtained extremely favorable financing for this upscale complex with a full amenities package.  Through its relationship with a local bank, NorthMarq secured a loan for its client of $10 million for 10 years on a 30-year amortization schedule at a fixed rate of 5.70 percent on a non-recourse basis.  Arbor Closes $2,025,000 Fannie Mae DUS Small LoanGrenaga, Mass.
–Arbor Commercial Funding LLC recently completed funding of a $2,025,000 loan under the Fannie Mae DUS Small Loan product line for the 96-unit property known as Riverhills Apartments in Grenaga, Mass.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent. 
The loan was originated by Stephen York, director, in Arbor’s full-service New York lending office. “The borrower’s original lender closed its doors midway through the processing of this loan,” says York. “Fortunately, Arbor was able to fund the loan in less than 40 days to accommodate the borrower’s 1031 exchange cutoff date and the purchase contract closing deadline.”

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