North Jersey multifamily properties snag financing from Fannie, Freddie

Progress Capital secured $23.4 million in refinancing this week for a 96-unit development in Union City, RE-NJ reported. An unnamed developer received the nonrecourse financing for its Hudson County property at 115-129 37th Street, a residential development known as Hudson Heights. The financing, underwritten by Red Capital and sourced from Fannie Mae, comes with a rate under 4 percent for 10 years with interest only for three years, according to RE-NJ. Property records show that the parcel was last sold for $1.7 million in July 2012 to a Clifton-based limited liability company. Elsewhere in Hudson County, NJBIZ reported last week that real estate lender Procida Funding had provided an $18.5 million construction loan for a new micro-apartment building in Jersey City. Meanwhile, in Bergen County, the regional arm of Minneapolis-based NorthMarq Capital arranged $44.43 million in refinancing for a 516-unit residential portfolio in Little Ferry, according to NJBIZ. The loans from NorthMarq were arranged by the borrower via its relationship with Freddie Mac and were structured with seven-year terms and two years of interest-only payments followed by a 30-year amortization schedule. [RE-NJ]