Carlton Village Apartments at 3331 Route 94 in Hamburg — Courtesy: Progress Capital
By Joshua Burd
The longtime owner of a 240-unit apartment complex in Sussex County has refinanced for more than $31 million, according to a debt placement team with Progress Capital.
The borrower, whose name was undisclosed, is a seasoned real estate investor with 45 years of experience and a portfolio of more than 2,500 units throughout New York and New Jersey, according to a news release. It purchased the Carlton Village Apartments, a 12-building complex at 3331 Route 94 in Hamburg, in 1985 and is now refinancing for $31.05 million.
Brad Domenico and Gabby Cali of Progress Capital sourced the debt through an undisclosed lender.
“Since spring of last year, we’ve been seeing an exodus rise coming from residents living in major cities such as Manhattan, Jersey City and Hoboken,” Domenico said. “As the pandemic looms and people continue to work remotely, it’s apparent that most of them are willing to trade the city life for more living space in locations that aren’t heavily populated and have less overhead.”
Sitting on 37 acres, Carlton Village includes studios, one-bedroom and two-bedroom units with private balconies, the news release said. Progress also pointed to the property’s on-site parking and proximity to area amenities such as golf clubs, Wallkill River National Wildlife Refuge and Wawayanda State Park, among other offerings.
“I believe we are going to continue to see an influx in the greater New York metropolitan areas,” Domenico added. “We’ve been seeing a lot of deals outside the cities come across our desks as the demand for a more suburban lifestyle grows. City-adjacent properties are hot commodities for investors right now. Banks are also seeing the potential in such properties, so arranging financing has gotten a little less difficult.”