Kearny Bank Provides $78.6M Refinancing Loan For Multifamily Portfolio Acquisition

A total of 11 multifamily properties, consisting of 1,017 units, were involved in a recent closed transaction. The properties are located at 35 South White Horse Pike, 924-928 Creek Road, 100 Lucas Drive, 700 Station Avenue, 274 Kings Highway East, 1000 West Atlantic Avenue, 1990 Laurel Road, 175 Long Branch Avenue, 87 Cottage Place, 506 South White Horse Pike, and 1164 Cromwell Avenue. These properties are situated in Audubon, Bellmawr, Bordentown, Haddon Heights, Haddonfield, Laurel Springs, Lindenwold, Long Branch, Stratford, and The Bronx.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $78,575,000
• Loan Type: Refinancing Loan
• Loan Terms: Fixed 4.25% interest rate over a ten-year period
• Lender: Kearny Bank
• Broker: Alex Jaffa - Eastern Union

Representing the lender, Kearny Bank provided a refinancing loan of $78,575,000 for the transaction. The loan features a fixed 4.25% interest rate over a ten-year period. Alex Jaffa from Eastern Union served as the broker in this deal, helping facilitate the transaction between the parties involved.