Narraticon in Deptford — Courtesy: Eastern Union Funding
By Joshua Burd
A rental community in Gloucester County has a new owner, following a $52.3 million financing deal orchestrated by Eastern Union Funding.
The firm announced Thursday that it arranged the senior debt on behalf of Redstone Equities, which purchased the 443-unit Deptford property known as Narraticon. David Singer of Eastern Union, who arranged the financing, said the package includes a floating-rate loan with a Freddie Mac seller/servicer.
“We’ve been working with (government-sponsored enterprises) on financing platforms for such assets with great success,” said Singer, senior vice president of banking relationships for Eastern Union. “Augmented by Eastern’s relationships, the complete financing package enabled (the buyer) to make its largest acquisition to date.”
Narraticon is made up rental apartments and townhomes, Eastern Union said in a news release. The 171-acre Delaware Valley development at 1200 Narraticon Pkwy. is 10 minutes from the Deptford Mall and 20 minutes from Philadelphia, with close proximity to Interstate 295, the New Jersey Turnpike and routes 42, 47 and 55.
Amenities include a saltwater pool, lighted tennis courts and clubhouse, the news release said.