Ironstate secures $69m to refinance affordable housing properties
Ironstate Development secured a $69m loan to refinance four affordable housing properties in Hudson County, New Jersey. The portfolio includes Church Square South (81 units), Eastview Apartments (79 units), New Floral Gardens (91 units) and Park View East (71 units). All of the properties are currently subject to long-term Housing Assistance Payment contracts, and all of the residents receive Section 8 tenant-based housing vouchers. NorthMarq arranged the financing on behalf of the borrower through two New Jersey-based banking institutions.