150 South Harrison St. in East Orange — Courtesy: CBRE
By Joshua Burd
The owner of a 13-property residential and mixed-use portfolio in Essex and Hudson counties has refinanced the properties for $57 million, brokers with CBRE announced Wednesday.
The real estate services firm secured the loans through the Freddie Mac Small Balance Loans Program, working on behalf of One Wall Partners. The properties were mostly part of a $63 million portfolio purchase that the investment and management firm completed in 2017, which spanned Orange, East Orange and Jersey City.
CBRE Vice President Jaspaul Kapoor completed the assignment, highlighting One Wall Partners’ strategy of acquiring transit-centric workforce housing in northern New Jersey.
“The CBRE Freddie Mac Multifamily Small Balance Loan program recently topped $4 billion in total originations, reaching this milestone in just four years,” Kapoor said. “Our team around the country has now closed nearly 1,700 loans, averaging $2.4 million per loan, and has been the top seller in the program for the past two years.”
He noted that the refinance for Newark-based One Wall Partners, or OWP, “was ideal as it provides flexibility for the ownership.” The properties included:
- 172 William St. in East Orange
- 69 North Arlington Ave. in East Orange
- 242 and 195 Prospect St. in East Orange
- 157 and 147 Halsted St. in East Orange
- 122 Stevens Ave. in Jersey City
- 209 William St. in East Orange
- 17 Webster Place in East Orange
- 212 Central Ave. in Orange
- 57-73 South Walnut St. in East Orange
- 150 and 157 South Harrison St. in East Orange
“With an average of a billion dollars of Small Balance Loan production annually, CBRE has been positioned as the top producing SBL lender over the last four years,” said Steve Johnson, vice president of Freddie Mac Multifamily’s Small Balance Loans business. “Together, we’ve provided financing for hundreds of small balance properties that typically provide affordable housing in communities that really need it. The transaction involving the 13 properties announced today is just the latest example.
“We look forward to continuing to work with CBRE to provide flexible executions and best in class pricing for small balance borrowers.”
The 2017 deal made OWP the largest property owner in East Orange.
“The Small Balance Loan program fits very well with our urban, workforce housing strategy,” said Ron Kutas, chief operating officer for One Wall Partners. “CBRE and Freddie Mac have been great partners in helping us grow our portfolio.”