Thousand Oaks Village in Atlantic Highlands — Courtesy: Kushner Real Estate Group
By Joshua Burd
A commercial mortgage banking and investment sales firm has announced nearly $52 million in financing for the recent sale of a garden apartment complex in Monmouth County.
The firm, Berkadia, said it represented 165 Thousand Oaks Drive LLC in securing the financing for Thousand Oaks Village, a 304-unit property in Atlantic Highlands. The borrower is affiliated with the joint venture of Kushner Real Estate Group and Verde Capital Corp., which announced their acquisition of the complex last month.
Berkadia Senior Managing Director Bob Falese and Managing Director Jeff Heath of the firm’s Philadelphia office sourced the $51.97 million acquisition loan through Freddie Mac.
Thousand Oaks Village is now slated to undergo substantial renovations aimed at upgrading units and improving overall performance as part of the investment strategy, the firm said in a news release. Berkadia tapped into the Freddie Mac Mod Rehab Loan Program, allowing the borrower at closing to secure rate that floats during the renovation period and automatically converts to an already locked fixed long-term rate upon renovation completion.
“As part of KRE / Verde’s renovation plan, KRE’s President Jon Kushner and Verde’s President Jake Reiter requested that Berkadia craft a unique solution that would allow the venture to renovate the asset while minimizing interest rate risk by allowing a rate to be locked for the entire term of the loan/investment,” Heath said. “The Freddie Mod Rehab Loan Program was tailor-made for this type of redevelopment and investment strategy.”
Thousand Oaks will become Atlantic Pointe as part of a rebranding. The 36-acre property, located in the residential neighborhood of Navesink, includes 196 one-bedroom and 48 two-bedroom apartment layouts, along with 60 three-bedroom townhome-style units.
Apartment and property amenities include private patios and balconies, controlled-access entry, a swimming pool with sundeck and winding trails for hiking, biking and jogging. The complex also boasts proximity to the Highlands Terminal, which offers direct ferry service to Manhattan and bus and rail links at nearby Red Bank and Middletown.
KRE Group, Verde Capital complete second garden apartment deal
