Northmarq Provides $32.5M Agency Refinancing of Hoboken Affordable Housing Property
HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.