Eastern Union secures $78.575 million loan to refinance 12 property portfolio

January 17, 2023 - Brokerage

The Village at Laurel Creek, 1990 Laurel Road - Lindenwold, NJ

Bronx, NY Alex Jaffa, a senior loan consultant with Eastern Union, has arranged a $78.575 million loan to refinance a 1,017-unit portfolio of 12 multifamily properties consisting of 11 sites across nine New Jersey localities, along with one property in the Bronx.

The loan, secured through Kearny Bank, carries a fixed 4.25 % interest rate over a 10-year period.

“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our long-standing clients,” said Jaffa.

The portfolio included the following New York City property:

• The Bronx: A six-story apartment building at 1164 Cromwell Ave. in the borough’s Concourse section built in 1926. With a gross building area of 69,969 s/f, the site encompasses 73 units. Owned by Penny Lane Realty LP.

The properties, representing a total gross building area of 931,411 s/f, included 11 sites in the following nine New Jersey locations:

• Audubon: Imperial House. A four-story, elevator-served, multifamily property at 35 South White Horse Pike built in 1975. With a gross building area of 50,504 s/f, the property has 56 units. Owned by Imperial Realty Associates LLC.

• Bellmawr: Timber Cove. Three two-story, garden apartment buildings at 924-928 Creek Rd. built in 1975. With a 57,090 s/f gross building area, the property has 59 units. Owned by Timber Cove Realty Associates LLC.

• Bordentown: The Village at Bordentown. A four-building, two-story, garden-style multi-family complex at 100 Lucas Dr. built in 1972. With a gross building area of 61,010 s/f, the property has 52 units. Owned by Lucas Bordentown LLC.

• Haddon Heights: Haddon Court. A three-story, walk-up, multifamily property at 700 Station Ave. built in 1940. With a gross building area measuring 23,631 s/f in size, the property offers 31 units. Owned by Haddon Realty Associates LLC.

• Haddonfield: Haddonfield Manor. A four-story, elevator-served, multifamily property at 2-10 Linden Ave. built in 1940. With a gross building area of 40,706 s/f, the property has 41 units. Owned by Park Lane Properties/Haddonfield Manor.

• Haddonfield: Kingsway Apartments. A four-story, elevator-served multifamily property at 274 Kings Highway East built in 1940. With a 30,241 s/f gross building area, the property encompasses 37 units. Owned by Park Lane Properties/Kingsway Apartments.

• Laurel Springs: Spring Garden Apartments. Five three-story, walk-up apartment buildings at 1000 West Atlantic Ave. built in 1970. With a gross building area of 73,300 s/f, the property has 92 units. Owned by Laurel Spring Gardens Associates LLC.

• Lindenwold: The Village at Laurel Creek. A 32-building, two-story, walk-up multifamily property at 1990 Laurel Rd. built in 1973. Measuring 220,000 s/f in gross building area, the property has 274 units. Owned by Heathers Realty LLC.

• Long Branch: Three two-story garden apartment buildings at 175 Long Branch Ave. built in 1964. With a gross building area of 34,800 s/f, the property offers 54 units. Owned by LB Buena Vista, LLC.

• Long Branch: 87 Cottage Place. A two-story, garden apartment complex built in 1960. With a 22,024 s/f gross building area, the property has 28 units. Owned by LB Cottage Place, LLC.

• Stratford: The Residences at Whitehall Apartments. An eight-building, three-story, walk-up multi-family property at 506 South White Horse Pike built in 1975. With a gross building area measuring 248,136 s/f, the property has 220 units. Owned by Woodmere Investments Associates LLC.