A 1,017-unit portfolio of 12 multifamily properties consisting of 11 sites across nine New Jersey localities, along with one property in the Bronx has been refinanced with a $78,575,000 loan by Alex Jaffa, a senior loan consultant with Eastern Union.
Eastern Union is one of America’s largest commercial real estate mortgage brokerages.
The loan, secured through Kearny Bank, carries a fixed 4.25-percent interest rate over a 10-year period.
“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our long-standing clients,” Jaffa said. “This expansive portfolio transaction illustrates the way a top-performing brokerage can demonstrate value in today’s challenging financial climate.”
“Alex Jaffa is a highly talented broker with a powerful aptitude for client service,” Eastern Union president and CEO Abraham Bergman said. “He’s earned respect in the industry for his integrity and his professionalism.”
The properties, representing a total gross building area of 931,411 square feet, included 11 sites in the following nine New Jersey locations:
Audubon: Imperial House. A four-story, elevator-served, multi-family property at 35 South White Horse Pike built in 1975. With a gross building area of 50,504 square feet, the property has 56 units. Owned by Imperial Realty Associates LLC.
Bellmawr: Timber Cove. Three two-story, garden apartment buildings at 924-928 Creek Road built in 1975. With a 57,090-square-foot gross building area, the property has 59 units. Owned by Timber Cove Realty Associates LLC.
Bordentown: The Village at Bordentown. A four-building, two-story, garden-style multi-family complex at 100 Lucas Drive built in 1972. With a gross building area of 61,010 square feet, the property has 52 units. Owned by Lucas Bordentown LLC.
Haddon Heights: Haddon Court. A three-story, walk-up, multi-family property at 700 Station Avenue built in 1940. With a gross building area measuring 23,631 square feet in size, the property offers 31 units. Owned by Haddon Realty Associates LLC.
Haddonfield: Haddonfield Manor. A four-story, elevator-served, multi-family property at 2-10 Linden Avenue built in 1940. With a gross building area of 40,706 square feet, the property has 41 units. Owned by Park Lane Properties/Haddonfield Manor.
Haddonfield: Kingsway Apartments. A four-story, elevator-served multi-family property at 274 Kings Highway East built in 1940. With a 30,241-square-foot gross building area, the property encompasses 37 units. Owned by Park Lane Properties/Kingsway Apartments.
Laurel Springs: Spring Garden Apartments. Five three-story, walk-up apartment buildings at 1000 West Atlantic Avenue built in 1970. With a gross building area of 73,300 square feet, the property has 92 units. Owned by Laurel Spring Gardens Associates LLC.
Lindenwold: The Village at Laurel Creek. A 32-building, two-story, walk-up multi-family property at 1990 Laurel Road built in 1973. Measuring 220,000 square feet in gross building area, the property has 274 units. Owned by Heathers Realty LLC.
Long Branch: Three two-story garden apartment buildings at 175 Long Branch Avenue built in 1964. With a gross building area of 34,800 square feet, the property offers 54 units. Owned by LB Buena Vista, LLC.
Long Branch: 87 Cottage Place. A two-story, garden apartment complex built in 1960. With a 22,024-square-foot gross building area, the property has 28 units. Owned by LB Cottage Place, LLC.
Stratford: The Residences at Whitehall Apartments. An eight-building, three-story, walk-up multi-family property at 506 South White Horse Pike built in 1975. With a gross building area measuring 248,136 square feet, the property has 220 units. Owned by Woodmere Investments Associates LLC.
The portfolio also included the following New York City property:
The Bronx: A six-story apartment building at 1164 Cromwell Avenue in the borough’s Concourse section built in 1926. With a gross building area of 69,969 square feet, the site encompasses 73 units. Owned by Penny Lane Realty LP.
