Eastern Union senior loan consultant Alex Jaffa secured a $78,575,000 loan to refinance a 1,017-unit portfolio of twelve multifamily properties in nine New Jersey towns and the Bronx.
Eastern Union is a major US commercial real estate mortgage broker. Kearny Bank’s ten-year loan has a 4.25-percent interest rate.
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Mr. Jaffa said Eastern Union got exceptionally competitive rates for one of its long-standing clients by leveraging its lending industry knowledge. “This expansive portfolio transaction exemplifies how a top-performing brokerage may offer value in today’s hard financial climate.”
“Alex Jaffa is a highly accomplished broker with a great knack for client service,” stated Eastern Union president and CEO Abraham Bergman. “The industry respects his sincerity and professionalism.”
Eleven sites in nine New Jersey localities comprised the 931,411-square-foot properties:
Imperial House—Audubon. 35 South White Horse Pike, a 1975 four-story, elevator-served multi-family building. The 50,504-square-foot facility comprises 56 units. Imperial Realty Associates LLC owns.
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Bellmawr: Timber Cove. Three 1975 two-story garden apartments at 924-928 Creek Road. The 57,090-square-foot facility comprises 59 units. Timber Cove Realty Associates LLC owns.
Bordentown Village. A 1972 four-building, two-story garden-style multi-family complex at 100 Lucas Drive.
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52 units are in the 61,010-square-foot complex. Lucas Bordentown LLC’s.
Court: Haddon Heights. A 1940 multi-family, three-story walk-up at 700 Station Avenue. 31 flats are available in the 23,631-square-foot property. Haddon Realty Associates LLC owns.
Haddonfield: Manor. 1940 four-story, elevator-served multi-family building at 2-10 Linden Avenue. 41 units comprise the 40,706-square-foot complex. Parklane Properties/Haddonfield Manor.
Haddonfield: Kingsway Apartments. 1940 four-story, elevator-served multi-family building at 274 Kings Highway East. 37 units comprise the 30,241-square-foot complex. Parklane Properties/Kingsway Apartments.
Spring Garden Apartments. Five 1970 three-story walk-up apartment complexes at 1000 West Atlantic Avenue. 92 flats are in the 73,300-square-foot complex. LLC-owned.
Lindenwold—Laurel Creek Village.
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1973-built 32-building, two-story, walk-up multi-family property at 1990 Laurel Road. 274 units comprise the 220,000-square-foot complex. Heathers Realty LLC’s.
Long Branch: Three 1964 two-story garden apartments at 175 Long Branch Avenue. The 34,800-square-foot facility has 54 units. LB Buena Vista, LLC’s.
87 Cottage Place. 1960 two-story garden apartments. 28 units comprise the 22,024-square-foot property. LB Cottage Place, LLC.
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Whitehall Apartments in Stratford. A 1975 eight-building, three-story, walk-up multi-family complex at 506 South White Horse Pike. The 248,136-square-foot facility comprises 220 units. Woodmere Investments Associates LLC owns.
New York City property:
The Bronx: A 1926 six-story apartment building at 1164 Cromwell Avenue in Concourse. 73 units are on the 69,969-square-foot plot. Penny Lane Realty LP’s.
