New Jersey Portfolio Deal Scores $228M Loan
- Sep 26, 2019
Real estate investment firm Cammeby’s International has purchased a six-property portfolio of apartment communities in Northern New Jersey totaling more than 1,800 units. Capital One provided loans totaling $228 million for the acquisition.
Built between 1948 and 1950, the properties are located in the Essex County townships of Bloomfield and Nutley and the Bergen County boroughs of Maywood and Ridgefield, including:
- Franklin Manor at 70 Fremont St., Bloomfield (85 units)
- Forest Hill at 115 Davey St., Bloomfield (816 units)
- Nutley Properties at 181 Hancox Ave., Nutley (200 units)
- Essex Gardens at 23 Essex Court, Maywood (120 units)
- Hillside Village at 659 Shaler Blvd., Ridgefield (412 units)
- Ridgefield Gardens at 930 Banta Place, Ridgefield (198 units)
The portfolio deal was disclosed by Capital One, which did not reveal the buyer or seller. Yardi Matrix data indicates that Cammeby’s International recently acquired Franklin Manor and Nutley Properties for $11.9 million and $30.7 million, respectively. The seller was private owner Joseph Ratner, who is also listed as the owner of the other four properties, although the latest sales data for those assets is unavailable.
Financing the deal
The properties are located within a roughly 10-mile radius of Manhattan, with Hillside Village approximately 2.5 miles away from the island. Mark Kraehling, vice president at Capital One Multifamily Finance, originated the transactions, while Abe Hirsch, senior managing director at Meridian Capital, represented the acquisition financing request.
The adjustable-rate loans have 7-year terms with 5-year extension options if performance goals are met. The loans feature initial 4-year interest-only periods followed by 30-year amortization schedules. The borrowers have the option to add 3 years to the interest-only period if certain conditions are met.
Cammeby’s International is active across the New York metropolitan area as well as Baltimore, Philadelphia and Harrisburg, Pa. In 2017, the firm completed renovations on Shorecrest Towers at Trump Village, a luxury apartment community in Brooklyn’s Brighton Beach neighborhood.