CoreVest Finance Provides $10.5M Loan For New Jersey Package Deal

The Shemesh Family refinanced a portfolio of 34 single-family residential properties in New Jersey for $10.5 million. The package deal, comprising properties located at 1020 Haeding Rd., 1029 Kipling Rd., 1060 Bond St., 1114-1118 Magle Ave., 1327 North Ave., 133 Smith St., 153 Inslee Pl., 201 3rd St., 230 Bond St., 301 Hillside Rd., 307 S. Park St., 339 Doudlas Rd., 40 Raymond Ter., 410-124 First Ave., 415 Magle Ave., 42 Cgilton St., 439 Marshall St., 468 4th Ave., 547 Fulton St., 60-62 Hillside Rd., 659 Jefferson Ave., 69-71 Summit Rd., 700 Park Ave., 704-706 Park Ave., 742 Westfield Ave., 747 N. Broad St., 80 Westfield Ave., 8-10 Vista Ave., 825 Jackson Ave., 826 W. Grand St., and 84 4th St., is located in the New Jersey market.

Summary of Transaction Details:

• Property Type: Package Deal (34 SFR)
• Transaction Amount: $10,500,000
• Loan Amount: $10,500,000
• Loan Terms: ~4.00% Fixed Rate, 70% Leverage, 10-year Term, Non-Recourse

The loan for the transaction was provided by CoreVest Finance. Solomon Birnbaum & Thomas Fuchsman from FBRE Capital served as the brokers in the deal. The loan has a fixed rate of approximately 4.00%, a leverage of 70%, a term of 10 years, and is non-recourse.

FBRE Capital, a provider of institutional-quality financing executions to domestic and foreign family office clients, assisted their client in refinancing this residential portfolio. For commercial real estate financing executions and single-family residential portfolio advisory services, contact Solomon at http://FbreCapital.com.