Juniper Capital, a NYC financial advisory firm, closed a $14 million loan from Arbor Realty Trust for Orchard Estates, a 300-unit multifamily, garden style apartment complex in Syracuse, New York.
Juniper Capital Group secured financing options that were tailored to the borrower’s needs and secured a three-year bridge loan that features a rate of Libor + 325 BPS, an LTV of 93% of purchase, and 85% of cost.
The loan on the property, which was 85% occupied at the time of loan application, included $1 million towards property upgrades and added amenities.
The borrower is Vintage Management, a New Jersey based real estate firm, founded by Abraham Motechin and Abe Wilhelm.
“Syracuse’s rental market has seen tremendous growth in recent years,” said Motechin.”The property sits in a prime location and the planned improvements will drive tenant demand”.
“Juniper Capital was able to negotiate aggressive terms due to the borrowers strength and the rise in the current market,” added Juniper Capital’s Nate Lowy, who negotiated the deal in under 30 days.
The property’s 300 units, sits within 30 structures, and are spacious 1,000- 1,100 square feet, two and three-bedroom apartments. Amenities include a pool, picnic area, beautiful landscaping, laundry facilities in each building.
The borrower plans to upgrade the units and improve the aesthetics of the property.