NorthMarq Capital arranges $16.9 million new construction loan for The Cookie Factory in Harrison, New Jersey
The Cookie Factory
NEW JERSEY (August 12, 2014) – Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey based regional office closed a $16.9 million 30-month construction loan for the Cookie Factory, a 104-unit multifamily property to be built on Essex Street in Harrison, New Jersey. The transaction was arranged for the borrower, Bergen Street Urban Renewal, LLC (a joint venture between an affiliate of the Hampshire Companies and the CrownPoint Group) by NorthMarq through its relationship with First Niagara Bank. The project will consist of two, four story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rental of approximately $1,900. “There was a lot of demand for this deal and First Niagara Bank provided an extremely competitive loan to win the business. Structuring a fully leveraged loan at super tight pricing and minimal repayment guarantees, First Niagara became a new strategic bank to Hampshire’s arsenal and, in the process, distinguished themselves against many of the client’s existing relationship banks in the region.” said Cohen.
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
