Goldcrest Properties Secures $25.5 Million Bridge Loan For 125-Unit Multifamily Acquisition In Toms River

The asset involved in the transaction is a multifamily property comprising 125 units, located at 1 Vans Way in Toms River, New Jersey. The acquisition of the Hope’s Crossing apartment community was made at a total price of $33.8 million, supported by a bridge loan of $25.5 million acquired to facilitate the transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $33,800,000
• Loan Amount: $25,500,000
• Loan Type: Bridge
• Lender: John Taylor - M&T Realty Capital Corporation
• Landlord: Hillel Hertz - Goldcrest Properties
• Broker: David Cohen - Meridian Capital Group
• Market: Toms River, NJ
• Closing Time: 43 days

Key individuals in this transaction include John Taylor from M&T Realty Capital Corporation, who provided the financing, and Hillel Hertz from Goldcrest Properties, who is the landlord acquiring the property. The arrangement of the financing was managed by David Cohen from Meridian Capital Group, facilitating the process for the acquisition of the apartment community.