Northmarq Arranges $12.85M Permanent Loan for Bronx Multifamily
Northmarq’s New York Metro Debt + Equity team, led by Bob Bernard and Collin Lester, has successfully arranged a $12.85 million permanent loan to refinance a construction loan for The Cambreleng, a newly completed 45-unit apartment building located in the Bronx.
The financing was secured on behalf of the borrower, OF 2330 Cambreleng LLC, through Northmarq’s in-house Fannie Mae DUS platform. The transaction was structured with a five-year term and includes five years of interest-only payments. Notably, Northmarq put the loan into application when occupancy was at 65%, and was able to close the deal shortly after 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.”
Leaders from Cushman & Wakefield, Thorofare Capital, Charney, GFP, and Greystone are scheduled to speak at the upcoming Connect New York Apartments Investment & Finance event on October 23.
