Investors Savings Bank Closes $23.8M Loan for N.J. Community
- Apr 15, 2011
Verona, N.J.—Investors Savings Bank has provided a $23.8 million permanent mortgage to Roseland Property Company and JMP Holdings, the companies that jointly developed Highlands at Hilltop, a 95-unit luxury community in Verona, N.J.
“We are looking ahead to a long association with these two, well-established firms that have outstanding reputations,” says Richard Spengler, Investors’ chief lending officer. “Our bank is discussing plans to participate in other jointly-developed projects that will involve both firms.”
The Highlands property is situated on 23 acres of wooded hills and includes a 4,500-square-foot clubhouse with a billiards room and entertainment space. Outdoors amenities include a swimming pool, patio and tennis courts.
“These are challenging times for multifamily housing development, and it is tough to find a reliable and credible source of mortgage financing,” says Ivan Baron, partner and general counsel at Roseland Property Company. “Against that backdrop, we’ve created a positive and professional working relationship with Investors’ lending team, and we look forward to a second transaction with the bank.”
Berkadia originates $85M for Santa Monica apartment co-op
Santa Monica– Berkadia Commercial Mortgage originated $85,000,000 in fixed-rate permanent financing for Ocean Towers, a California cooperative apartment building.
The transaction included a bridge-to-agency loan funded by Berkadia followed by a full term, interest-only 10-year mortgage via the firm’s Freddie Mac program. It also marks the first deal funded through Berkadia’s new bridge loan program, which the company introduced in November.
“This deal accomplished two goals for Ocean Towers Housing Corporation,” says Stewart Campbell, senior vice president, Berkadia. “We limited exposure to volatility in treasury yields and mortgage spreads via a bridge loan and produced a cost-effective long-term financing solution for the residents of Ocean Towers.”
Located at 201 Ocean Avenue in Santa Monica, the 16-story luxury property includes 317 units overlooking the Pacific Ocean and is considered one of the most valuable multifamily properties on the West Coast. Stewart Campbell and Thomas Toland, vice president, originated and structured the transaction for Berkadia. Ocean Towers was represented by Steven M. McCoy and Thomas H. Levine of the THL Group.
“The Ocean Towers deal exemplifies our commitment to thoroughly achieving the financial objectives of multifamily owners, particularly when the needs are complex, like those of a co-op board,” added Campbell. “In addition to our strong relationships with the GSEs, programs like our new bridge loan program demonstrate Berkadia’s ability to meet a greater variety of borrower needs and deliver increased value to our clients.”
Largo arranges $8.5M for Ohio apartments
Reynoldsburg, Ohio—Brian Sheldrick, managing director of the Largo Group of Companies’ Albany office, has arranged $8,500,000 in financing for Brooksedge Apartments located in Reynoldsburg, Ohio. The loan was used to refinance existing debt on the property; the permanent first mortgage holds a 10 year fixed rate on a 30 year amortization schedule.
Brooksedge Apartments features 224-units and is currently 92 percent occupied. Amenities include a resort style pool with sunbathing deck. The asset is in a suburban setting with close access to I-70 and I-270.