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.
The post Northmarq Arranges Permanent Loan on Bronx Multifamily appeared first on Connect CRE.
