May 18, 2015

NorthMarq Capital negotiates $7.5 million refinance of Silver Lake Apartments in Staten Island, New York

Silver Lake Apts

Debt & Equity

Multi-Tenant

MORRISTOWN (May 18, 2015) – Gary Cohen, senior vice president of NorthMarq Capital’s New Jersey based regional office arranged the $7.5 million refinance of Silver Lake Apartments, a 222 unit multifamily property located at 937 and 961 Victory Boulevard in Staten Island, New York. The transaction was structured with a 10-year term with 2-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The borrower’s existing Freddie Mac loan was coming due in early 2016,” said Cohen. “NorthMarq successfully worked with Freddie Mac to reduce the pre-payment penalty so that the borrower could lock in an attractive rate for a new 10-year term.”

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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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