By Joshua Burd
The owner of about 300 apartments in Burlington County has landed a $56 million federal loan to refinance the property, according to a debt placement team with JLL.
Brokers with the firm represented the borrower in the transaction, which involves the Federal Housing Administration’s 223(f) mortgage insurance program. JLL Real Estate Capital LLC, meantime, will service the loan for the undisclosed property.
“As a HUD-approved lender, we were able to provide our client with an extremely attractive, long-term, fixed-rate option for their property,” said JLL’s Matthew Pizzolato, who represented the borrower alongside Michael Klein, Kevin Korn and Gerard Quinn.