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**Northmarq Secures $12.85M Permanent Loan for Bronx Multifamily Property**
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 complex 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 loan is structured with a five-year term and features five years of interest-only payments. Northmarq placed the asset under application at 65% occupancy and moved quickly to close the transaction once the property 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 Collin 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.”
Top industry leaders from Cushman & Wakefield, Thorofare Capital, Charney, GFP, Greystone and others will speak at the upcoming Connect New York Apartments Investment & Finance event on October 23.
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