NorthMarq Arranges $9.5M Mortgage for Rahway Plaza Apartments

NEW JERSEY—NorthMarq New Jersey regional office’s Gregory Nalbandian, senior vice president and managing director, has arranged first mortgage refinancing for Denholtz Associates in the amount of $9.5 million for a 228-unit apartment complex in Rahway, N.J.

The mortgage was based on a 10-year term with 8 years interest only and the loan was placed through NorthMarq’s affiliate, AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.

“The Sponsor made a strategic decision to complete an early refinance and pay the prepayment penalty in order to take advantage of historically low interest rates,” said Nalbandian. “NorthMarq was able to secure a very aggressive sub 4% rate with 8 years interest only. Furthermore, our client, who was the original developer of this asset going back to 1971, was able to cash out a meaningful amount of their equity having created significant value during their long ownership tenure.”

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