Dartmouth Village at 270 Baldwin Road in Parsippany — Courtesy: Commercial Mortgage Capital
By Joshua Burd
An apartment owner has refinanced an eight-building, 222-unit complex in Parsippany for $12.7 million, in a newly announced transaction by Commercial Mortgage Capital.
According to the advisory firm, Principal Financial Group provided the loan for the property at 270 Baldwin Road. An affiliate of Keasbey-based Landmark Cos. is the borrower and owner of what’s known as Dartmouth Village, a collection of recently updated, two-story brick buildings that is 96 percent leased.
The 10-year loan has a fixed rate of 2.67 percent.
“CMC has had a long-term relationship with Principal and was able to customize and secure a great loan for our client,” said CMC President Mark Scott, who sourced the deal with the Des Moines, Iowa-based lender. “We pride ourselves in delivering effectively for our clients.”