Rolling Gardens at 405 Franklin Turnpike in Mahwah — Courtesy: Progress Capital
By Joshua Burd
A multifamily buyer has landed more than $44 million in financing for its purchase of a combined 175 units in Bergen and Essex counties, according to Progress Capital.
In a news release, the advisory firm said Arbor Commercial Mortgage is providing the loan to THG Properties. The deal is tied to the acquisition of three garden-style properties: Rolling Gardens at 405 Franklin Turnpike in Mahwah, Westview Apartment Homes at 27-55 Green Ave. in Westwood and Short Hills Village at 80 Woodland Road in Short Hills.
Progress Capital’s Brad Domenico and Eddie Miro arranged the $44.37 million transaction, working with Eric Regenbogen of Arbor Commercial Mortgage.
“This was an exciting deal for us, not just because of the size but because the individual assets were excellent and we got the chance to work with another family-run company, THG Properties, who were an absolute pleasure start to finish,” Domenico said.
He added: “We have a longstanding relationship with Arbor and Eric specifically. Eric was reliable and efficient as usual and really came through in securing terms that exceeded all of our expectations.”
Rolling Gardens is a four-building complex with 76 apartments on 5.3 acres, while Westview contains nine buildings with 48 units, boasting quick access to routes 4 and 17 and the Garden State Parkway. Short Hills Village, meantime, is comprised of three buildings with 51 units, giving residents a location near The Mall at Short Hills and amenities such as the Cora Hartshorn Arboretum & Bird Sanctuary.