Berkadia Arranges $8M Refinance Loan For 22-unit Multifamily Property In Union City, NJ

The Yegen Companies, a real estate investment firm, has refinanced a portfolio of 22 multifamily units located at 816 Bergenline Ave in Union City, NJ. The property consists of 104 units in total, making it a substantial asset in the market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,042,000
• Loan Type: Refinance
• Loan Terms: 3.28% Rate Fixed for 10 Years, Non-Recourse
• Lender: berkadia''>Berkadia
• Landlord: The Yegen Companies
• Brokers: Edward McCarthy - Redwood Capital Advisors

This financing deal was facilitated by Berkadia, a reputable lending institution. The Yegen Companies, the landlord and property owner, sought to refinance the portfolio of buildings in Hudson County. The loan terms offered a fixed rate of 3.28% for 10 years and the loan was non-recourse, providing financial flexibility and security for the landlord.

Edward McCarthy, representing Redwood Capital Advisors, played a crucial role as the broker in this transaction, assisting The Yegen Companies in securing the refinancing for their multifamily units. McCarthy's expertise in the real estate market and his collaboration with Berkadia ensured a successful outcome for the loan refinance.