Middlesex County, NJ — Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey office secured financing totaling $50.869 million for three multifamily properties located in Middlesex County. The properties contain a combined 387 units.
The Middlesex multifamily markets remained resilient throughout 2020, with a strong renter demand and is forecast to remain steady in 2021.
Camelot at Townelake: NorthMarq arranged the $27 million refinance of this 184-unit multifamily property located at 100 Baist Dr. in Sayreville. The property consists of 124 one bedroom/one bath units and 60 two bedroom/two bath units. The transaction was structured with a 35-year fully amortizing term. NorthMarq arranged the permanent-fixed loan for the borrower, The Kaplan Companies, through its correspondent relationship with a life insurance company.
“The Kaplan Companies, a best in class developer of premier apartment communities, was looking for a long term, self-amortizing loan. We received multiple competitive quotes and we were able to secure one at a great rate with terms that met their business plan,” said Cohen.
Country Living at Mapleview: NorthMarq arranged the $17.775 million refinance of this 137-unit multifamily property located at 109A Mapleview Drive in Old Bridge, New Jersey. The property contains 1 studio/one bath unit,12 one bedroom/one-bathroom units, 124 two bedroom/two-bathroom units and 24 two-bedroom townhouse/1.5-bathroom units.
Kendall Court: NorthMarq arranged the $6.094 million refinance of this 66-unit multifamily property located at 51 Schmidt Lane in North Brunswick, New Jersey. The property consists of 54 one bedroom/one bathroom with den units and 12 two bedroom/1 bathroom with den units.
Both properties were structured with a 10-year term, 2 years of interest only payments followed by a 30-year amortization schedule. NorthMarq secured the financing for the borrower, an affiliate of the Kamson Corporation, through its OPTIGO status as a Freddie Mac Lender.
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