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New York rent laws driving multifamily interest to Jersey

82-92 Contant Avenue

Arbor Realty Trust, a multifamily and commercial mortgage lender, recently funded a portfolio of Freddie Mac SBL loans throughout Northern New Jersey.

The five properties, totaling 93 units, received $12.7 million in refinance cash-out funding through the program.

The loans are 10-year hybrids, featuring 10-year fixed followed by 10-year floating-rates on a 30-year amortization schedule.

Ari Short of Arbor’s New York City office originated the loans.

“The borrower was able to take advantage of a low-interest environment and secure 10-year fixed-rate loans for multiple properties, while also pulling out equity to purchase additional assets in the market,” said Short.

“We’ve seen a lot of activity in Northern New Jersey since the New York City rent laws were amended, and we’re pleased to be able to facilitate our client’s long-term plans.”

82-92 Contant Avenue (7.2M): Built in 1966, the two-story, 50-unit complex features one- and two-bedroom apartments. The community provides on-site parking and is conveniently located near shopping, New Jersey commuter rail service, and recreation.

23-27 Jackson Street ($1.9M): This 18-unit multifamily property is comprised of mostly two- and three-bedroom units. The complex features on-site parking and is located near Route 21, approximately 12 miles to New York City.

341-343 Palisade Avenue ($1.7M): Built in 1920, this multifamily walk-up is comprised of 11-units and on-site resident parking with local and express bus service nearby.

416 Walker Street ($1.1M): The three-story complex was built in 1969. The property contains on-site parking and is conveniently located near shopping.

458-460 Walker Street ($.8M): Built in 1971, the two-story complex is conveniently located to shopping and restaurants.

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