BWE Secures $130 Million Refinance Loan For 520-Unit Multifamily Community In Northern New Jersey
$130,000,000
Units
520
Asset Type
MultiFamily
Closing
Jun 30, 2026
AI
The transaction involves a newly constructed 520-unit apartment and townhome community located in Northern New Jersey. The asset type is multifamily, and it is situated near Rutgers University. The property is part of a two-phase development project.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $130,000,000
- Loan Type: Refinance
- Loan Terms: 9-year, fixed-rate
- Originator: Steve Perricone
- Originator Agency: BWE
- Market: Northern New Jersey, NJ
- Units: 520
Steve Perricone of BWE secured a first mortgage loan from a life insurance company on behalf of an undisclosed borrower. The financing aims to support the ongoing development of the multifamily community.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93