By Joshua Burd
A multifamily owner has refinanced five properties in New Jersey, thanks to a $15.2 million loan from a New York-based commercial real estate finance firm.
The lender, Hunt Mortgage Group, announced recently that it provided the loans for Norse Holdings in connection with the 169-unit portfolio. Executives with the firm say the borrower will use the new loan proceeds to improve the properties and to fund future acquisitions.
The properties include:
- Beachview Gardens, a 44-unit property at 544-560 Beachway Ave. in Keansburg. Hunt Mortgage Group provided $4.6 million in financing.
- Clementon Norse Apartments, a 56-unit property at 222 White Horse Pike in Clementon. Hunt Mortgage Group provided a $4.4 million loan.
- 165 Quincy Ave Apartments, a nine-unit building in Kearny. Hunt Mortgage Group provided $1 million.
- 388 Smith St., a 12-unit building in Perth Amboy. Hunt Mortgage Group provided $1.3 million in financing.
- Woodbine Apartments, a 48-unit multifamily property in Westville. Hunt Mortgage Group invested $3.8 million to refinance the property.
The loans include five Freddie Mac Small Balance loans, Hunt Mortgage Group said.
“The proceeds from this new loan will be used to continue to improve these properties and to fund future acquisitions of additional properties,” said Steven Cox, managing director at Hunt Mortgage Group. “In order to maximize cash-out proceeds for each deal we had to mix and match different loan terms for the various properties because of the different markets they are in.
“Clementon Norse and Woodbine are located just outside of Philadelphia, while 388 Smith, 165 Quincy Road and Beachview are located along the Atlantic Coast outside of New York City,” Cox added. “As a result Clementon Norse and Woodbine were executed with a 10-year fixed rate loan, while the other three were structured with five-year hybrid terms.”
The deal team at Hunt Mortgage Group included Cox and Kris Molloy, vice president.
“The borrower is a seasoned, quality multifamily commercial real estate and multifamily investors, as well as a repeat Hunt Mortgage Group client,” Cox said. “We were pleased to partner with them again on these deals.”
