By Corina Stef
Brookchester Apartments, a 752-unit garden-style apartment community in New Milford, N.J., received $40 million in refinancing. A Berkadia team comprising Managing Directors Charles Foschini and Christopher Apone placed the 15-year, fixed-rate loan with Voya Investment Management on behalf of the borrower, Bal Bay Realty. The loan has a 35 percent LTV ratio.
“Utilizing the strength of our correspondent relationship with Voya and taking advantage of a flat yield curve, we were able to structure a fixed-rate loan with a very aggressive interest rate on a long-term basis, which will provide the borrower with exceptional cash flow for years to come,” Apone said in a prepared statement.
Located at 915A River Road, the property is 20 minutes from New York City and offers immediate access to educational, shopping and medical centers such as Farleigh Dickinson University, The Outlets at Bergen Town Center and Holy Name Medical Center. Additionally, the 1948-built community is currently 98.3 percent occupied.
Brookchester Apartments comprises studios, one- and two-bedroom units in 47 two-story buildings. Amenities include heating and air conditioning, new kitchen cabinets and appliances, thermally insulated windows, hardwood floors, on-site laundry facilities, 24-hour emergency maintenance, business center, courtyard and barbeque grills with picnic tables.
In another recent deal, Berkadia secured a $268.7 million loan for the financing of a New York City landmark residential building.
Image courtesy of Berkadia