CBRE secured $57 million in loans through the Freddie Mac Small Balance Loans Program for a 13-property mixed-use portfolio in Orange, East Orange and Jersey City.
Vice President Jaspaul Kapoor secured the loans on behalf of One Wall Partners (OWP), a n investment and management firm based in Newark, NJ.
The properties were mostly part of a 2017 portfolio purchased for $63 million, making OWP the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in northern New Jersey.
Steve Johnson, vice president of Freddie Mac Multifamily’s Small Balance Loans business said, working with CBRE, “we’ve provided financing for hundreds of small balance properties that typically provide affordable housing in communities that really need it. The transaction involving the 13 properties announced today is just the latest example.
“The Small Balance Loan program fits very well with our urban, workforce housing strategy,” noted Ron Kutas,COO for One Wall Partners.