A multifamily garden apartment complex located at 511 East Gibbsboro Road in Lindenwold, NJ has recently undergone a refinancing transaction. The property, consisting of 621 units spread across 39 acres, was involved in the deal.

Summary of transaction details:

• Property Type: Multifamily (Garden Apartment Complex)
• Transaction Amount: $37,500,000
• Loan Type: Refinance
• Loan Terms: 5 Years | 5.50% - Early Rate Lock within 7 days of application | 2 Years Interest Only, then 30-Year Amortization, 8.50% Debt Yield/1.30X DSCR | Stepdown prepay | Bank execution
• BROKERS: Allan Lieberman & Asher Haft - Meridian Capital Group

Allan Lieberman and Asher Haft of Meridian Capital Group served as the brokers in this refinancing transaction. Through their representation, the property secured a loan amount of $37,500,000 for a term of 5 years at an interest rate of 5.50%. The loan offers early rate lock within 7 days of application and features a 2-year interest-only period followed by a 30-year amortization schedule. The debt yield requirement for the loan was 8.50% and the property's debt service coverage ratio stood at 1.30X. Additionally, the loan structure includes a stepdown prepayment option executed by a bank.