Chalet Gardens at 320 West Branch Ave. in Pine Hill — Courtesy: Greystone
By Joshua Burd
Greystone has closed nearly $50 million in financing to the buyer of a 484-unit garden apartment complex in Camden County, the commercial real estate lender announced.
The loan, provided through Freddie Mac’s Optigo program, is supporting Goldcrest Management’s purchase of Chalet Gardens at 320 West Branch Ave. in Pine Hill. The lender noted that the debt features an adjustable rate with a 10-year term and 30-year amortization, with the first five years of interest-only payments.
Dan Sacks, a managing director in Greystone’s New York office, originated the $49.575 million loan.
“We are thrilled to play a role in making this acquisition happen for our client,” Sacks said. “Greystone’s multifamily financing platform is industry-leading and my team’s execution is centered around the client experience, so each transaction gives us an opportunity help our clients achieve their goals with a seamless process.”
Built in 1973, Chalet Gardens consists of one- and two-bedroom units and offers amenities such as a fitness center, a pool and sundeck, a picnic area and a playground, according to a news release. The property is close to the area’s dining, shopping and recreation options and a short drive from Center City Philadelphia.
“From the very start, our Greystone team demonstrated a high level of creativity and commitment to getting us the financing we needed to acquire this property — they were the perfect partner,” said Hillel Hertz, principal of Goldcrest Management. “Greystone’s understanding of the nuances of the local market, and of the particulars of the multifamily space in particular, is unparalleled and we look forward to working with our team again in the future.”