Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ELIZABETH, NJ-Harold D. Baker & Co., a New York-based firm, has arranged $5.25 million in first mortgage financing for Elizabeth Tower, a 13-story senior-housing complex. Built in 1975 and comprising 193 units, the asset is owned by an affiliate of Marshall & Moran, Inc of Morristown, NJ.

The loan was placed for a 10-year-term with 30-year amortization with a major commercial bank. The conventional refinancing was arranged under recent HUD regulations allowing Section 236 decoupling, which enables the owner to retain the original HUD interest rate reduction payment. The proceeds were used to refinance taxable housing agency bonds issued to build the project.

Harold D. Baker & Co. specializes in arranging real estate financing packages, including permanent mortgages, acquisition loans, mezzanine financing and construction loans.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.