NEW JERSEY—NorthMarq New Jersey regional office’s Gregory Nalbandian, senior vice president and managing director, has arranged first mortgage refinancing for Denholtz Associates in the amount of $9.5 million for a 228-unit apartment complex in Rahway, N.J.

The mortgage was based on a 10-year term with 8 years interest only and the loan was placed through NorthMarq’s affiliate, AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.

“The Sponsor made a strategic decision to complete an early refinance and pay the prepayment penalty in order to take advantage of historically low interest rates,” said Nalbandian. “NorthMarq was able to secure a very aggressive sub 4% rate with 8 years interest only. Furthermore, our client, who was the original developer of this asset going back to 1971, was able to cash out a meaningful amount of their equity having created significant value during their long ownership tenure.”