Eastern Union Secures $79M to Refinance Northeast Portfolio

The owner of a 12-property, 1,017-unit multifamily portfolio in New Jersey and New York has refinanced the assets with a $78.6 million financing package secured by Alex Jaffa of commercial real estate mortgage brokerage Eastern Union.

Jaffa, a senior loan consultant with the New York-based firm that provides both financing and capital markets advisory services, secured the loan through Kearny Bank, a full-service community bank serving New Jersey and New York City.  The loan carries a fixed 4.25-percent interest rate over 10 years.

The properties total 931,411 square feet and are owned by a long-standing client of Eastern Union who was not identified. Ownership of the 12 properties is identified only by limited liability companies or limited partnerships. The properties are located at 11 sites across nine New Jersey localities and one apartment building in the Bronx, N.Y.

Jaffa said in a prepared statement that he and Eastern Union were able to leverage understanding of the lending marketplace to secure highly competitive rates for a long-standing client with an expansive portfolio. The transaction demonstrated the value of working with a top-performing brokerage during a challenging financial climate, he added.

Portfolio details

Most of the properties are located in New Jersey. One New York City asset—1164 Cromwell Ave., a six-story, 73-unit property in the Concourse section of the Bronx—is included in the portfolio transaction. The 69,969-square-foot building is owned by Penny Lane Realty LP.

Two of the New Jersey assets are located in Haddonfield, N.J. Haddonfield Manor is a four-story, 40,706-square-foot property with 41 units at 2-10 Linden Ave. The elevator-served building built in 1940 is owned by Park Lane Properties/Haddonfield Manor. The second Haddonfield property is Kingsway Apartments, a four-story, 30,241-square-foot building with 37 units at 274 Kings Highway. Also constructed in 1940, the elevator-served property is owned by Park Lane Properties/Kingsway Apartments.

Two Long Branch, N.J., properties were also refinanced. 175 Long Branch Ave. has three two-story garden apartment buildings with a total of 54 units across 34,800 square feet. Built in 1964, the asset is owned by LB Buena Vista LLC. The second property is 87 Cottage Place, a two-story, 28-unit garden apartment complex built in 1960. The asset has 22,024 square feet and is owned by LB Cottage Place LLC.

The remaining New Jersey properties are:

• Imperial House, 35 South White Horse Pike, Audubon, N.J.; a four-story, 50,504-square-foot building with 50,504 square feet. Built in 1975, the elevator-served asset is owned by Imperial Realty Associates LLC.
• Timber Cove, 924-928 Creek Road, Bellmawr, N.J.; the property has three two-story, garden-style apartment buildings totaling 57,090 square feet and 59 units. The community was built in 1975 and is owned by Timber Cove Realty Associates LLC.
• The Village at Bordentown, 100 Lucas Drive, Bordentown, N.J.; the property has four two-story, garden-style buildings with 52 units across 61,010 square feet. Built in 1972, the property is owned by Lucas Bordentown LLC.
• Haddon Court, 700 Station Ave., Haddon Heights, N.J.; the three-story, walk-up building has 31units and totals 23,631 square feet. Built in 1940, the property is owned by Haddon Realty Associates LLC.
• Spring Garden Apartments, 1000 West Atlantic Ave., Laurel Springs, N.J.; the property has five three-story, walk-up apartment buildings with 92 units across 73,300 square feet. Built in 1970, the community is owned by Laurel Spring Gardens Associates LLC.
• The Village at Laurel Creek, 1990 Laurel Road, Lindenwold, N.J.; the property has 32 two-story, walk-up apartment buildings with 274 units across 220,000 square feet. Built in 1973, the community is owned by Heathers Realty LLC.
• The Residences at Whitehall Apartments, 506 South White Horse Pike, Stratford, N.J.; The eight-building, three-story, walk-up property has 220 units across 248,136 square feet. Built in 1975, the community is owned by Woodmere Investments Associates LLC.