Kingsrow Apartment Homes at 500 Chews Landing in Lindenwold — Courtesy: Greystone
By Joshua Burd
The owner of a 208-unit multifamily property in Camden County has refinanced for more than $15 million, in a newly announced transaction by Greystone.
The commercial real estate finance firm said it recently closed a $15.326 million loan under Fannie Mae’s Delegated Underwriting and Servicing program. The borrower, Goldcrest Properties, is refinancing a prior Greystone loan that it used to acquire Kingsrow Apartment Homes, a garden-style property at 500 Chews Landing in Lindenwold.
Greystone Managing Director Dan Sacks originated the transaction, with Jack Miller of Platinum Capital Group acting as the correspondent on behalf of Goldcrest. The loan carries a 12-year term, three years of interest-only payments and 30-year amortization.
“We excel at helping clients expand their real estate portfolios and we are extremely grateful when they keep coming back to us to do so,” Sacks said. “We are thrilled that we have been able to see this transaction through from the very beginning, and we look forward to working with Goldcrest Properties again in the future.”
Originally built in 1971, Kingsrow Apartment Homes is a collection of one- and two-bedroom units with a swimming pool, picnic areas, laundry facilities and on-site parking. Greystone noted that it leveraged Fannie Mae’s Green Rewards program in the transaction, as the borrower committed to using a portion of the loan proceeds for making energy and water usage upgrades to the property.
“This is our seventh transaction with the Greystone team in about a year’s time — the level of service and attention to detail is the best in the business,” Hillel Hertz, principal borrower and CEO of Goldcrest Properties, which owns and manages roughly 900 multifamily units in the Pennsylvania and New Jersey market, said in a prepared statement. “Our team has consistently been able to recognize our needs and work creatively within the constraints of a fast-changing market to get us financing terms that exceed our expectations.”
