Bridgewater, NJ Juniper Capital Group has originated a $23.3 million loan for the acquisition of Woodmont Square, a 100-unit residential complex of garden apartments, where 20% of the units are affordable.
Nate Lowy, president of Juniper Capital, arranged the financing.
A local bank supplied the 10-year loan at 4% interest to a local investor who purchased the two rental buildings at 100 Bellis Court for $32.6 million. The new owner plans to operate the assets and believes rents in this area will continue to increase.
The property features one and two bedroom units with sleek kitchens, quartz counter tops, stainless steel appliances, individual washer and dryer, oversized showers with amenities that include: a gym, work center, club house, game room, basketball courts and electronic keyless entry system.