White Plains, NY — Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains-based regional office, arranged the $11 million refinance of the Gilbert Manor Apartments. The multifamily property is located at 269-297 Liberty St. and 258 Main St. in Little Ferry, NJ. The transaction was structured on a five-year term with two-years interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through a regional bank.
Built in the early 1960’s, Gilbert Manor Apartments is a 108-unit garden apartment complex consisting of seven 2-story buildings on approximately 3.39 acres. The property features spacious one-bedroom units with private entrances, new windows, hardwood floors, upgraded kitchens and bathrooms, modern laundry facilities and ample off-street surface parking as well as easy access to a wide-range of nearby shopping, dining, and recreation options.
Gilbert Manor Apartments is situated in the Hackensack/Teaneck neighborhood, which boasts a rich culture with a history prior to the American Revolution. Within one mile, the apartment complex has 3 shopping centers, Liberty Plaza, Washington Square Mini Mall, and Little Ferry Plaza. In addition, Gilbert Manor has five parks within 11.8 miles, including Overpeck County Park, Teaneck Creek Conservancy, and Flat Rock Brook Nature Center.
“This refinance of an existing Freddie Mac Multifamily loan was possible with Northmarq’s Defeasance Services handling the defeasance,” said Ranieri. “The borrower was looking for prepay flexibility as well as interest only and collateral release provisions.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.