PARSIPPANY, NJ-NorthMarq Capital reports it has arranged a total of $6.25 million in financing transactions for the Hampshire Self Storage Portfolio for properties in Cherry Hill and Burlington and separately two multifamily properties in Hoboken.
The deals, announced by Gary Cohen, SVP and senior director of NorthMarq Capital's New Jersey regional office, included two transactions for The Hampshire Self Storage Portfolio involving two facilities in Cherry Hill and Burlington totaling approximately 110,000 square feet. The $3.5 million in financing was structured with a five-year term and 25-year amortization schedule with 4.00% interest. NorthMarq arranged the financing with a local bank.
“The properties were acquired by Hampshire a few years ago and were unencumbered,” states Cohen. “We structured a five-year loan with favorable terms which will provide flexibility.”
NorthMarq also arranged $2.75 million in financing for multifamily properties at 929 Willow Ave. and 206 Bloomfield Ave. in Hoboken. The transaction was structured with a 12-year term and 30-year amortization schedule. Cohen worked exclusively with the unnamed borrower to finance the loan through a local bank.
“Each building has been owned by the principals for a long time and had no debt,” states Cohen. “They financed the assets and used all of the proceeds for a new development deal in Hoboken.”
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