Greystone Provides $50 Million in Freddie Mac Financing for Multifamily Property in New Jersey
Greystone has provided a $49,575,000 Freddie Mac Optigo® loan for the acquisition of a 484-unit apartment community in Pine Hill, New Jersey. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Goldcrest Management.
The $50 million Freddie Mac loan features an adjustable rate with a 10-year term and 30-year amortization, with the first five years of interest-only payments. Built in 1973, Chalet Gardens is a garden-style complex consisting of one- and two-bedroom units that offer modern finishes and appliances, eat-in kitchens, in-unit washer/dryers and private outdoor living spaces. Residents have access to the community’s fitness center, pool and sundeck, picnic area, playground, and parking. The property is close to the area’s dining, shopping, and recreation options, and is a short drive to Center City Philadelphia and New Jersey beaches.
“We are thrilled to play a role in making this acquisition happen for our client,” said Mr. Sacks. “Greystone’s multifamily financing platform is industry-leading and my team’s execution is centered around the client experience, so each transaction gives us an opportunity help our clients achieve their goals with a seamless process.”
“From the very start, our Greystone team demonstrated a high level of creativity and commitment to getting us the financing we needed to acquire this property – they were the perfect partner,” said Mr. Hillel Hertz, principal of Goldcrest Management. “Greystone’s understanding of the nuances of the local market, and of the particulars of the multifamily space in particular, is unparalleled and we look forward to working with our team again in the future.”