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HomenewsLocated in New Jersey and New York City, Eastern Union Has Closed...

Located in New Jersey and New York City, Eastern Union Has Closed $78.6 M to Refinance a 1,017-Unit Multifamily Portfolio

Eastern Union senior loan consultant Alex Jaffa secured a $78,575,000 loan to refinance a portfolio of twelve multifamily properties totaling 1,017 units. The portfolio is comprised of eleven locations in nine different New Jersey municipalities and one property in the Bronx.

When it comes to commercial real estate mortgages, Eastern Union is a major player in the United States. This Kearny Bank loan is for ten years at a fixed interest rate of 4.25 percent.

Eastern Union, using its knowledge of the financing market, was able to get one of its long-term clients extremely low interest rates, as Mr. Jaffa put it. In a time of economic uncertainty, “this extensive portfolio transaction illustrates how a top-performing brokerage may offer value,” the author writes.

Eastern Union CEO and President Abraham Bergman praised Alex Jaffa, saying, “Alex is a highly accomplished broker with a powerful flair for client care.” He has a solid reputation for honesty and reliability among his peers in the business world.

Eleven sites in the following nine New Jersey locales made up the properties, which had a combined gross building space of 931,411 square feet.

A home fit for an Audubon. Multi-family building at 35 South White Horse Pike with elevator service and four stories. There are a total of 56 apartments spread across the property’s 50,504 square feet of GBA. Titled to Imperial Realty Associates LLC.

Eastern Union closes $78.6M to refinance 1,017-unit MF portfolio in NJ/Bronx

Specifically, Bellmawr is home to Timber Cove. There are three garden-style apartment buildings, each with two stories, located at 924-928 Creek Road. They were constructed in 1975. Totaling 59 apartments, the property has a GBA of 57,090 square feet. Timber Cove Realty Associates LLC owns the property.

The Bordentown Community Center is located in Bordentown Village. Located at 100 Lucas Drive and originally constructed in 1972, this multi-building complex features four individual buildings, each with two stories and a garden-style exterior. It comprises 52 apartments with a total gross floor space of 61,010. Belonging to the LLC Lucas Bordentown.
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Location in Haddon Heights: Haddon Court. Walk-up apartment building with three stories at 700 Station Avenue, constructed in the 1940s. There are 31 apartments spread across the property’s 23,631 square feet of GBA. Haddon Realty Associates, LLC owns the property.

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The Haddonfield Manor. At 2-10 Linden Avenue, this 1940 building has elevator service to all four floors of apartments. The total square footage of the building is 40,706. There are 41 residential apartments in the structure. Park Lane Properties/Haddonfield Manor is the owner.

Apartments at Kingsway in Haddonfield. Located at 274 Kings Highway East, this multi-family building was constructed in 1940 and features four stories and an elevator. The total gross building area of the property is 30,241 square feet, and it has 37 separate dwellings. Kingsway Apartments is a Park Lane Properties community.

Announcing Spring Garden Apartments, located in the heart of Laurel Springs. Walk-up apartment buildings of three stories, located at 1000 West Atlantic Avenue were constructed in the 1970s. The property includes 92 units and a GBA of 73,300 square feet. In the possession of Laurel Spring Gardens Associates, LLC.

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Location: in Laurel Creek’s quaint Lindenwold neighbourhood. Located at 1990 Laurel Road, this multi-unit structure was constructed in 1973 and features 32 two-story buildings that are all accessible by foot. There are 274 apartments spread across the property’s 220,000 square feet of GBA. Assigned to Heathers Realty LLC as the owner.

Three garden apartment buildings of two stories each were constructed in 1964 at 175 Long Branch Avenue in Long Branch. The total square footage of the building is 34,800, and it contains 54 apartments. A property of LB Buena Vista, LLC.

Eastern Union closes $78.6M to refinance 1,017-unit MF portfolio in NJ/Bronx

Address in Long Branch: 87 Cottage Place.
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Construction on these garden apartments began in the year 1960, and they each have two stories. The complex comprises 28 apartments and a GBA of 22,024 square feet. LB Cottage Place, LLC is the owner.

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The Whitehall Residences is an apartment complex in Stratford. Located at 506 South White Horse Pike, this multi-family complex was constructed in 1975 and features eight individual buildings, each of which has three stories and is accessible only by stairs. It contains 220 apartments with a total gross floor space of 248,136 square feet. Belonging to the LLC Woodmere Investments Associates.

Concourse area of the Bronx, New York: a six-story apartment building at 1164 Cromwell Avenue, constructed in 1926. There are 73 dwellings on the property, making up a total of 73 units and a gross building area of 69,969 square feet. Currently in the ownership of Penny Lane Realty LP.

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