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Eastern Union closes $78.6M to refinance 1,017-unit MF portfolio in NJ/Bronx

 Alex Jaffa, a senior loan consultant with Eastern Union, has arranged a $78,575,000 loan to refinance a 1,017-unit portfolio of twelve multifamily properties consisting of eleven sites across nine New Jersey localities, along with one property in the Bronx.

Eastern Union is one of America’s largest commercial real estate mortgage brokerages.

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

“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our long-standing clients,” said Mr. Jaffa. “This expansive portfolio transaction illustrates the way a top-performing brokerage can demonstrate value in today’s challenging financial climate.”

“Alex Jaffa is a highly talented broker with a powerful aptitude for client service,” said Eastern Union president and CEO Abraham Bergman. “He’s earned respect in the industry for his integrity and his professionalism.” 

The properties, representing a total gross building area of 931,411 square feet, included eleven sites in the following nine New Jersey locations:    

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

Bellmawr:  Timber Cove. Three two-story, garden apartment buildings at 924-928 Creek Road built in 1975. With a 57,090-square-foot 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 Drive built in 1972. With a gross building area of 61,010 square feet, the property has 52 units. Owned by Lucas Bordentown LLC.

Haddon Heights:  Haddon Court. A three-story, walk-up, multi-family property at 700 Station Avenue built in 1940. With a gross building area measuring 23,631 square feet in size, the property offers 31 units. Owned by Haddon Realty Associates LLC.

Haddonfield: Haddonfield Manor. A four-story, elevator-served, multi-family property at 2-10 Linden Avenue built in 1940. With a gross building area of 40,706 square feet, the property has 41 units. Owned by Park Lane Properties/Haddonfield Manor.

Haddonfield:  Kingsway Apartments. A four-story, elevator-served multi-family property at 274 Kings Highway East built in 1940. With a 30,241-square-foot 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 Avenue built in 1970. With a gross building area of 73,300 square feet, 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 multi-family property at 1990 Laurel Road built in 1973. Measuring 220,000 square feet 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 Avenue built in 1964. With a gross building area of 34,800 square feet, 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-square-foot 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 square feet, the property has 220 units. Owned by Woodmere Investments Associates LLC.

The portfolio also included the following New York City property:

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

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