Berkadia announced a $26 million re-financing for Bella Vista Senior Apartments, a 24-story, 231-unit Affordable housing property in Union City, New Jersey.
Managing Director Laura Smith of Berkadia D.C. Metro secured the permanent refinancing on behalf of the borrower, Orlando Partners, LLC.
The HUD 223(F) 35-year loan features a rate in the mid-two percent range and represents a loan-to-value ratio of 39 percent.
“We are pleased to partner with our client for a second time to refinance Bella Vista Senior Apartments, allowing the project to benefit from historically low interest rates and providing sufficient equity to buy-out one of their passive investors,” said Smith. “This project is in excellent condition and has been owned by the same group since its construction back in the 1970s. It serves an important population of low-income senior residents in Union City and will continue to be a low risk and high value asset in HUD’s insurance portfolio.”
Located at 522 22nd St., in Union City, Bella Vista Senior Apartments features 231 Section 8 apartment units. Amenities include balconies, a gated entrance, on-site parking, nearby grocery stores and a tree lined bike friendly area. Residents are afforded convenient access to Ellsworth Park, the Weehawken Waterfront Park and Recreation Center and U.S. Route 9.
Jeffre W. Juliano, Managing Member of the ownership entity and a partner at the law firm of O’Connor, Playdon, Guben & Inouye, L.L.P., said, “Our group couldn’t be happier working with Berkadia and in particular Laura Smith and her team. ”