Client Alert
Contact:
Arnold D. Litt, Esq., Chairperson
Real Estate Law Group
201-498-8520

HERTEN, BURSTEIN CLOSES $46,000,000.00
REFINANCE WITH FREDDIE MAC  

Dear Clients and Friends:

Arnold D. Litt, Chairperson of the Real Estate Department and Member, and Susan M. Marra, Member, successfully represented a private real estate group refinancing a $46,000,000.00 loan for a commercial luxury apartment complex located in Hackensack, New Jersey. The loan was made by NorthMarq Capital, which sold the loan upon Closing to FreddiMac. Arnold Litt and Susan Marra also represented the group in an entity restructuring prior to the financing transaction.

Despite the current economic climate, FreddieMac's recent problems and the complexity of the loan, the transaction proceeded smoothly to a successful conclusion. Clearly, mortgage monies are available for the right deal. Contact Arnold D. Litt and/or Susan M. Marra for further information.

Should you have any questions with regard to the above in general or as specifically applied to your particular situation, please feel free to contact Arnold D. Litt, Esq. at 201-498-8520 (direct line), or via e-mail at Alitt@hertenburstein.com  or Susan M. Marra, Esq. at 201-498-8521 (direct line) or via e-mail at Smarra@hertenburstein.com.

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