Morgan Properties Secures $661M Refinancing

2 min read

Berkadia arranged the new loan for a 22-property portfolio across four states.

Cranford Crossing

Real estate investment and management firm Morgan Properties has obtained $661 million in refinancing for a 22-property workforce housing portfolio totaling 4,670 units across four states. The financing, which was provided by Freddie Mac, was secured by Berkadia’s TJ Piper and Robert Falese on behalf of the borrower.

The transaction consists of 22 individual 10-year, fixed-rate loans with a maximum loan-to-value ratio of 80 percent. The proceeds from the transaction were used to pay off existing debt, which Freddie Mac provided and Berkadia secured in 2013. The workforce housing label derives from the fact that 87 percent of the units are affordable for renters making 100 percent of the area median income.

The properties, which were mostly built in the 1960s, ‘70s and ‘80s, are spread across New Jersey, Pennsylvania, Delaware and Maryland. Multi-Housing News learned from Morgan Properties that the portfolio includes the following assets:


  • Country Village (212 units): 480 Country Drive in Dover
  • Mapleton Square (212 units): 177 Willis Road in Dover
  • Woodcrest Arms (120 units): 892 Woodcrest Drive in Dover
  • Greentree Village (124 units): 519 Green Tree Village in Lebanon
  • Woodacres Apartments (178 units): 915 Cedartree Lane in Claymont

New Jersey

  • Cranbury Crossing (160 units): 1 Cranbury Circle in East Brunswick
  • Cranford Crossing (50 units): 1 South Ave. E. in Cranford
  • Duncan Hill (135 units): 1000 Central Ave. in Westfield
  • Horizon at Franklin Lakes (120 units): 121 Courter Road in Franklin Lakes
  • The Landings (416 units): 800 Falcon Drive in Absecon
  • Post & Coach (104 units): 177 South St. in Freehold
  • Riverside Towers (169 units): 10 Commercial Ave. in New Brunswick
  • Sherwood Village (304 units): 3 Hunters Circle in Eastampton
  • Woodview at Marlton (288 units): 175 Daphne Drive in Marlton
  • Roberts Mill Apartments (401 units): 165 Great Road in Maple Shade


  • Lincoln Park (154 units) at 1342 W. Wyomissing Blvd. in West Lawn
  • Summit Pointe (212 units): 108 Summit Pointe in Scranton
  • Oxford Manor (201 units): 5349 Oxford Drive in Mechanicsburg
  • Brookmont Apartments (231 units): 600 Red Lion Rd in Philadelphia
  • Sherwood Crossing (405 units): 3400 Red Lion Rd in Philadelphia


  • Glen Mar Apartments (176 units): 469 Glen Mar Road in Glen Burnie
  • Willowbrook Apartments (298 units): 6310 Greenspring Ave. in Baltimore

Only three of the properties were built after the 1980s: Cranford Crossing (2007), Horizon at Franklin Lakes (2003) and Woodview at Marlton (2000). Morgan Properties acquired Cranford Crossing from Kushner Cos. in 2007.

In March of last year, Morgan Properties acquired a portfolio of 10 communities in Philadelphia and Northern Virginia, marking the largest multifamily deal in the City of Brotherly Love to date.

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