Jaffa of Eastern Union secures $78.575 million refi loan for 12-property, 1,017-unit multifamily portfolio in New Jersey and The Bronx

November 22, 2022 - Outside The Region

Alex Jaffa, a senior loan consultant with Eastern Union, one of America’s largest commercial real estate mortgage brokerages, has arranged a $78.575 million loan to refinance a 1,017-unit portfolio of twelve multifamily properties consisting of eleven sites across New Jersey, along with one property in the Bronx.

The loan, secured through Kearny Bank, carries a fixed 4.25% interest rate over a ten-year period.

“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our long-standing clients,” said Jaffa. “This expansive portfolio transaction illustrates the way a top-performing brokerage can demonstrate value in today’s challenging financial climate.”

“Alex Jaffa is a highly talented broker with a powerful aptitude for client service,” said Eastern Union president and CEO Abraham Bergman. “He’s earned respect in the industry for his integrity and his professionalism.”

The properties, representing a total gross building area of 931,411 s/f, included eleven sites in the following nine New Jersey locations:

Audubon: Imperial House. A four-story, elevator-served, multi-family property at 35 S White Horse Pike built in 1975. With a gross building area of 50,504 s/f, the property has 56 units. Owned by Imperial Realty Associates LLC.
Bellmawr: Timber Cove. Three two-story, garden apartment buildings at 924-928 Creek Rd. built in 1975. With a 57,090 s/f gross building area, the property has 59 units. Owned by Timber Cove Realty Associates LLC.
Bordentown: The Village at Bordentown. A four-building, two-story, garden-style multi-family complex at 100 Lucas Dr. built in 1972. With a gross building area of 61,010 s/f, the property has 52 units. Owned by Lucas Bordentown LLC.
Haddon Heights: Haddon Court. A three-story, walk-up, multi-family property at 700 Station Ave. built in 1940. With a gross building area measuring 23,631 s/f in size, the property has 31 units. Owned by Haddon Realty Associates LLC.
Haddonfield: Haddonfield Manor. A four-story, elevator-served, multi-family property at 2-10 Linden Ave. built in 1940. With a gross building area of 40,706 s/f, the property has 41 units. Owned by Park Lane Properties/Haddonfield Manor.
Haddonfield: Kingsway Apartments. A four-story, elevator-served multi-family property at 274 Kings Hwy. E built in 1940. With a 30,241 s/f gross building area, the property has 37 units. Owned by Park Lane Properties/Kingsway Apartments.
Laurel Springs: Spring Garden Apartments. Five three-story, walk-up apartment buildings at 1000 West Atlantic Ave. built in 1970. With a gross building area of 73,300 s/f, the property has 92 units. Owned by Laurel Spring Gardens Associates LLC.
Lindenwold: The Village at Laurel Creek. A 32-building, two-story, walk-up multi-family property at 1990 Laurel Rd. built in 1973. Measuring 220,000 s/f in gross building area, the property has 274 units. Owned by Heathers Realty LLC.
Long Branch: Three two-story garden apartment buildings at 175 Long Branch Ave. built in 1964. With a gross building area of 34,800 s/f, the property offers 54 units. Owned by LB Buena Vista, LLC.
Long Branch: 87 Cottage Pl. A two-story, garden apartment complex built in 1960. With a 22,024 s/f gross building area, the property has 28 units. Owned by LB Cottage Place, LLC.
Stratford: The Residences at Whitehall Apartments. An eight-building, three-story, walk-up multi-family property at 506 S White Horse Pike built in 1975. With a gross building area measuring 248,136 s/f, the property has 220 units. Owned by Woodmere Investments Associates LLC.

The portfolio also included the following New York City property:

The Bronx: A six-story apartment building at 1164 Cromwell Ave. in the borough’s Concourse section built in 1926. With a gross building area of 69,969 s/f, the site encompasses 73 units. Owned by Penny Lane Realty LP.