NJ Community Lands $19M Fannie Mae Loan

By Corina Stef

Silk Lofts, Bayonne, N.J.

Greystone has provided $19.2 million in financing for the acquisition of Silk Lofts, an 85-unit community in Bayonne, N.J. The Fannie Mae loan has a seven-year term with a 30-year amortization period, as well as six years of interest-only payments. AMS Acquisitions purchased the asset together with three undeveloped parking lot parcels for $32.2 million, with plans to add additional apartments on the vacant lots.

The property previously served as a Maidenform factory and was converted in 2009 into two, five-story residential loft buildings. Silk Lofts currently features studios, one- and two-bedroom units, with hardwood floors, energy-efficient windows and HVAC, and high ceilings. Additionally, the community underwent a complete gut renovation in 2013.

Community amenities include:

• barbeque area
• fitness center
• gas fire pit
• on-site management
• private courtyard

The asset is situated at 154 Ave. E., in close proximity to Halecky-IMTT Park, Bayonne Crossing Shopping Center, eateries, banks and the 22^nd Street Light Rail station.  

Greystone’s Avrom Forman, who secured two loans last May for four multifamily properties in Long Island and Queens, originated the current acquisition loan. 

Image courtesy of Yardi Matrix