By Joshua Burd
The owner of a 287-unit apartment portfolio in Essex County has refinanced for more than $39 million, Greystone said, securing the debt under Freddie Mac’s Small Balance Loans program.
Hope Curtis, a director with the real estate finance firm, originated the loans on behalf of an undisclosed borrower. Eight of the refinanced properties received five-year fixed-rate Freddie Mac Small Balance Loans, while the other two received 10-year fixed-rate financing with three years of interest-only payments.
The financing totals $39.173 million, Greystone said. The portfolio includes a 19-unit property at 885 18th Ave. in Irvington and nine properties in Newark:
- 624 Dr. Martin Luther King Jr. Blvd. (26 units)
- 408-410 N. 5th Street (16 units)
- 92 Quitman Street (17 units)
- 729 Dr. Martin Luther King Jr. Blvd. (29 units)
- 737 Dr. Martin Luther King Jr. Blvd. (33 units)
- 747 Dr. Martin Luther King Jr. Blvd. (34 units)
- 773 Dr. Martin Luther King Jr. Blvd. (41 units)
- 777 Dr. Martin Luther King Jr. Blvd. (40 units)
- 778 Dr. Martin Luther King Jr. Blvd. (32 units)
“We work hard to ensure that multifamily borrowers secure financing that will meet their portfolio needs, and we are thrilled that Freddie Mac’s Small Balance Loan program was a perfect fit for this client,” said Curtis, who is based in the firm’s New York office. “At Greystone, we are dedicated to leveraging our extensive industry expertise and deep lending platform to help our clients realize their vision for their properties.”
