CBRE Capital Markets announced that it has successfully secured a $47 million, fixed-rate Freddie Mac loan to refinance a two-property multifamily portfolio in New Jersey.
The transaction was arranged by the CBRE Capital Markets team consisting of Shawn Rosenthal, Jason Gaccione and Matthew Pizzolato.
The portfolio comprises approximately 400 garden-style, workforce housing units originally constructed during the 1960s and 1970s. Since purchasing the properties in 2019, ownership poured nearly $10 million in capital improvements into the assets.
The comprehensive value-add program included extensive apartment interior renovations, amenity upgrades, exterior enhancements, and property-wide improvements. To date, roughly 70% of the portfolio’s units have been fully modernized.
“This financing proves that when you invest in your assets, create a community amongst your residents, and offer a high-quality product in a desirable location, you can realize a successful outcome in a wildly volatile capital market,” Rosenthal said. “Our client did just that.”
