MONEY

Northgate gets $12M refinancing

AP

CAMDEN – Hybrid Capital of New York City has arranged a $12 million refinancing for Northgate Apartments, an affordable-housing complex and one of the twin high rises adjacent to the Benjamin Franklin Bridge.

The refinancing is a 10-year loan at 3.49 percent interest.

When Marc Wolfe bought the high-rise in 2011 for $12 million, it was known as Northgate I and was in poor condition. Since then he has invested about $1 million in improvements, including 140 apartment renovations among the 321 units, a new security system with cameras on every floor, plumbing upgrades and repairs to common areas.

“Hybrid understood the asset and created an environment that enabled us to achieve favorable rates and terms,” Wolfe said.