CBRE announced Wednesday it has secured $57 million in loans for a 13-property residential and mixed-use portfolio in Orange, East Orange and Jersey City.
The loans were secured through the Freddie Mac Small Balance Loans Program, CBRE said.
Jaspaul Kapoor, vice president at CBRE, secured the loans through the Freddie Mac Small Balance Loans Program on behalf of the property ownership, One Wall Partners, a Newark-based real estate investment and management firm.
“The CBRE Freddie Mac Multifamily Small Balance Loan program recently topped $4 billion in total originations, reaching this milestone in just four years,” Kapoor said. “Our team around the country has now closed nearly 1,700 loans, averaging $2.4 million per loan, and has been the top seller in the program for the past two years. The refinance for our client, OWP, was ideal as it provides flexibility for the ownership.”
The loans were secured for the following properties:
- 172 William St., East Orange;
- 69 North Arlington, East Orange;
- 242 and 195 Prospect St., East Orange;
- 157 and 147 Halsted St., East Orange;
- 122 Stevens Ave., Jersey City;
- 209 William St., East Orange;
- 17 Webster Place, East Orange;
- 212 Central, Orange;
- 57-73 South Walnut St., East Orange;
- 150 and 157 South Harrison St., East Orange.
“With an average of a billion dollars of Small Balance Loan production annually, CBRE has been positioned as the top producing SBL lender over the last four years,” Steve Johnson, vice president of Freddie Mac Multifamily’s Small Balance Loans business, said. “Together, we’ve provided financing for hundreds of small balance properties that typically provide affordable housing in communities that really need it. The transaction involving the 13 properties announced today is just the latest example. We look forward to continuing to work with CBRE to provide flexible executions and best in class pricing for small balance borrowers.”