NEW JERSEY — NorthMarq Capital has secured three permanent loans in New Jersey totaling $21.9 million. In the first transaction, NorthMarq arranged a $9.5 million loan for an 82-unit multifamily property located in Monmouth County. The loan, which was provided by a regional bank, carries a 10-year term over a 30-year amortization and a fixed interest rate. In the second transaction, NorthMarq arranged an $8 million loan for a 222-unit garden apartment complex located in Morris County. The self-liquidating loan carries a 15-year term, a 6.12 percent interest rate and was provided by a regional bank. Finally, NorthMarq arranged $4.4 million for 3 Century Drive, a 68,200-square-foot office building located in Parsippany. The loan carries a 10-year term with a 30-year amortization schedule. The borrower, S/K 3 Century Associates will use the proceeds to retire an existing loan. Mark Scott of NorthMarq's New Jersey office arranged the deal. The lender was a regional bank.
NORTHMARQ SECURES THREE LOANS TOTALING $21.9 MILLION
108
previous post