NorthMarq Capital’s New Jersey regional office announced Tuesday that it has arranged a $16.9 million construction loan for a multifamily property in Harrison.
The Morristown-based office of the commercial real estate services company said in a news release that Gary Cohen, senior vice president/senior director, had closed on the 30-month loan for the Cookie Factory, a 104-unit property to be built on Essex Street. The transaction was arranged through First Niagara Bank for Bergen Street Urban Renewal LLC, a joint venture of a Hampshire Companies affiliate and the CrownPoint Group.
“There was a lot of demand for this deal and First Niagara Bank provided an extremely competitive loan to win the business,” Cohen said in the release. “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.”
The Cookie Factory will consist of two, four-story buildings connected by a common clubhouse and offering studio, one-bedroom and two-bedroom units with an average monthly rental of $1,900.
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