River Rock Capital has purchased two multifamily assets in Hasbrouck Heights, N.J. Arbor Realty Trust Inc. provided a $55.3 million Fannie Mae loan for the acquisition. The financing was secured through the Streamlined Rate Lock program and has 12-year fixed rates with six years of interest only payments.
Arbor took advantage of the significant drop in the 10-year Treasury to lock in very favorable terms for the borrower, according to the company’s Vice President Stephen York, who originated the loan.
One of the assets that traded is Skyline Apartments. According to Yardi Matrix data, Kushner Cos. sold the 124-unit community located at 20 Terrace Ave. in northern New Jersey. Built in 1950, the seven-building property includes one- and two-bedroom units with hardwood floors and recently renovated kitchens. Skyline Apartments was 96 percent occupied in September, per Yardi Matrix.
The other property that changed hands is The Boulevard Apartments, a 214-unit community less than 2 miles away from Skyline and only 7 miles from New York City. The 1951-built asset encompasses one- and two-bedroom apartments, averaging 617 square feet. The Boulevard Apartments has three laundry facilities and 80 parking spaces.