Red Mortgage Capital, an Ohio-based lender with a unit in Berkeley Heights, has closed on a $60 million, 18-property portfolio in Union City, it announced recently.
The multifamily properties, which total 481 units of affordable housing, range in size from eight to 67 units. The financing was conducted through the Freddie Mac Optigo Small Balance Loan program, Red Mortgage said in a news release.
John Darrow, Jim Martin and Harris O’Connell of Red’s SBL team negotiated the deal for the unit of ORIX Real Estate Capital LLC, along with Brad Domenico of Tinton Falls-based Progress Capital.
“Red’s ability to provide competitive terms and certainty of execution on such a large portfolio could not have happened without Red’s highly-efficient, well-engineered approach to small balance lending,” Domenico said in a prepared statement.
Progress Capital is a commercial mortgage banking firm, specializing in arranging debt for commercial real estate owners and residential developers.