Freddie Mac provided $296 million in financing to the owner of a 13-property, 1,880-unit portfolio of garden apartments in Middlesex, Somerset, Union, Monmouth and Morris counties. — Courtesy: JLL
By Joshua Burd
The owner of nearly 1,900 garden-style apartments in northern and central New Jersey has closed on $296 million in financing for the portfolio, brokers with JLL announced.
In a news release, the debt placement team said Freddie Mac provided the loan in connection with the 13 properties in Middlesex, Somerset, Union, Monmouth and Morris counties. They include what the brokers described as predominately legacy-owned assets that were built between 1959 and 1999 and draw from some of the state’s most densely populated regions, providing access to core employment centers throughout the New York metropolitan area — making for an attractive opportunity for the lender.
JLL senior managing directors Michael Klein and Thomas E. Didio Jr., Associate Michael Mataras and Senior Analyst Joseph Gruber led the advisory team, sourcing the fixed-rate, 10-year loan with a partial interest-only term on the borrower’s behalf. JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender, will service the debt for the 1,880-unit portfolio.
“The borrower’s exceptional management capabilities and dedication to maintaining a well-kept, high-performing portfolio ensure these vital communities continue to deliver quality, affordable homes for residents,” Didio said.
