Northmarq Arranges Permanent Loan on Bronx Multifamily
Northmarq’s New York Metro Debt + Equity team led by Bob Bernard and Collin Lester successfully arranged a $12.85-million permanent loan to refinance a construction loan on The Cambreleng, a recently completed 45-unit apartment building in the Bronx. The team arranged the permanent-fixed financing on behalf of the borrower, OF 2330 Cambreleng LLC, through the firm’s in-house Fannie Mae DUS platform.
The transaction was structured on a five-year term with five years of interest only payments. Northmarq was able to put the deal under application at 65% occupancy and close as soon as the asset stabilized.
“This deal had it all: a 421a tax abatement, a portion of tenants participating in the FHEPS program, a recently stabilized asset and a short timeline to close,” said Lester. “We are thankful to have had the opportunity to execute for the sponsors and can’t wait to continue providing exceptional service all the way to maturity.”
Hear from top leaders at Cushman & Wakefield, Thorofare Capital, Charney, GFP and Greystone, and more at Connect New York Apartments Investment & Finance on October 23.
Other News
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MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage
The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...
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Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla
Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout