The Village at Laurel Creek at 1990 Laurel Road in Lindenwold — Courtesy: Eastern Union
By Joshua Burd
The owner of an apartment portfolio spanning more than 1,000 units in New Jersey and the Bronx has refinanced for nearly $80 million, in a deal arranged by Eastern Union.
According to the debt placement team, Kearny Bank provided the loan with a fixed 4.25 percent interest rate over a 10-year period. Eastern Union’s Alex Jaffa closed the $78.575 million deal on behalf of affiliates of Raritan-based SEB Realty, noting that the portfolio includes 1,017 apartments across 11 properties — mostly in Camden County — representing a combined 931,411 square feet.
The largest among them is The Village at Laurel Creek, a 32-building, 274-unit complex at 1990 Laurel Road in Lindenwold.
“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our longstanding clients,” said Jaffa, a senior loan consultant with Eastern Union. “This expansive portfolio transaction illustrates the way a top-performing brokerage can demonstrate value in today’s challenging financial climate.”
The portfolio also includes:
- 56 units at Imperial House, a four-story property at 35 South White Horse Pike in Audubon
- 59 units at Timber Cove, a three-building garden apartment complex at 924-928 Creek Road in Bellmawr
- 52 units at The Village at Bordentown, a four-building garden-style complex at 100 Lucas Drive in Bordentown
- 31 units at Haddon Court, a three-story property at 700 Station Ave. in Haddon Heights
- 41 units at Haddonfield Manor, a four-story building at 2-10 Linden Ave. in Haddonfield
- 37 units at Kingsway Apartments, a four-story building at 274 Kings Highway East, also in Haddonfield
- 92 units at Spring Garden Apartments, a five-building complex at 1000 West Atlantic Ave. in Laurel Springs
- 54 units at a three-building complex at 175 Long Branch Ave. in Long Branch
- 28 units at 87 Cottage Place, a two-story complex in Long Branch
- 220 units at The Residences at Whitehall Apartments, an eight-building complex at 506 South White Horse Pike in Stratford
- 73 units at 1164 Cromwell Ave. in the Concourse section of the Bronx
“Alex Jaffa is a highly talented broker with a powerful aptitude for client service,” said Abraham Bergman, Eastern Union’s CEO and president. “He’s earned respect in the industry for his integrity and his professionalism.”
