Northmarq’s Carolinas Debt + Equity team led by Tom Peloquin successfully arranged the financing for five New York City mid-rise apartments, arranging $78.4 million in permanent fixed loans for the properties. Deals within the portfolio include:
- Tompkins Square Plaza ($50 million)
- 516 East 11th Street, 163 Stanton Street and 57 Pitt Street ($15.5 million)
- 49 Ludlow Street ($12.9 million)
Northmarq’s Debt + Equity Team arranged financing on behalf of the borrower, The Downtown Apartments LLC, through its Fannie Mae DUS platform. The external refinance transactions were structured on 10-year terms.
“Northmarq, with our Fannie Mae DUS platform, provided our borrower with fixed rate, full-term interest-only loans at competitive terms while meeting the sponsor’s maturity deadline on existing debt,” said Peloquin. “The Northmarq production, underwriting, and closing teams collaborated seamlessly to refinance the five non-contiguous properties, all located throughout the desirable Lower East Side neighborhood in New York City.”
Tompkins Square Plaza, located at 190 East 7th Street in the East Village, was built in 1998 and features 124 units. Amenities include a doorman, laundry, fitness room, air conditioning, multiple roof decks and a valet service. The property is within walking distance of the F, J, L, M, Z and 6 subway lines. It is next to Tompkins Square Park and the 6BC Botanical Gardens and is less than a mile from New York University.
The 516 East 11th Street apartments feature 19 units and is located between Avenues A and B in Alphabet City. Laundry is available on every other floor, and upper units offer private roof terraces. The community is located near the F, L, R, W and 6 subway lines, is less than a mile from New York University and is within steps of several parks including Tompkins Square Park and Children’s Garden.
Located adjacent to the East Village, Lower East Side, NoLiTa and Chinatown, 163 Stanton Street features 20 units. The property has recently been renovated with the top floor units featuring duplexes and private roof decks. The property is located near the B, D, F, J, M and Z subway lines, and it is blocks from access to the Williamsburg Bridge.
The 57 Pitt Street property features 22 residential and two commercial units located near the East Village, Lower East Side, NoLiTa and Chinatown. Laundry is available within the building, and a private roof deck is available. The community is nearby access to the B, D, F, J, M and Z subway lines and is just blocks from access to the Williamsburg Bridge. The Tenement Museum is roughly four blocks away, and several parks are within walking distance.
The 49 Ludlow Street property features 35 units on the Lower East Side. Built in 2000, the property features laundry, air conditioning, spacious closets and a roof deck. Rear apartments include private terraces, and the top floor duplex units have large private roof terraces. It is located adjacent to Little Italy and Chinatown with nearby access to the F, J, M and Z subway lines.
