FORT LEE, RED BANK & EDISON, NJ — Gary Cohen, senior VP/managing dir. of NorthMarq’s NJ office arranged financing for three properties totaling a combined $59.85 million. The properties are located in Fort Lee, Red Bank and Edison.
Mediterranean House: NorthMarq arranged a $25 million refinance for Mediterranean House, located at 505 North Ave. in Fort Lee. The property is a 19-story building containing 306 apartments.
The property is subject to a long term HAP contract for residents 62 and older. The refinance allowed the original ownership group to reduce their interest rate in half and return equity to the partners.
Fortune Square Apartments: A $7.35 million loan was arranged on Fortune Square Apartments, a 31 unit apartment building in Red Bank. The property was developed in conjunction with the T. Thomas Fortune Project where the sponsor, Roger Mumford Homes, committed to restoring and preserving the original T. Thomas Fortune house which is located in front of the apartments. It was thereafter unveiled to the public as the T. Thomas Fortune Cultural Center.