Capital One said it provided loans totaling $228 million for the acquisition of a portfolio of seven apartment communities in northern New Jersey with more than 1,800 residential units.
Mark Kraehling, vice president with Capital One Multifamily Finance, originated the transactions. Abe Hirsch, senior managing director at Meridian Capital, represented the acquisition financing request.
The communities include the 85-unit Franklin Manor and the 816-unit Forest Hill Properties in Bloomfield; the 200-unit Nutley Properties in Nutley; the 120-unit Essex Gardens in Maywood; the 174-unit Hillside Village, the 198-unit Ridgefield Gardens, and the 238-unit Shaler Properties in Ridgefield.
“These transactions illustrate Capital One’s capacity to deliver large complex transactions with favorable terms in a tight timeframe,” Kraehling said. “It required close coordination among several different departments within the bank to move the deal forward.”
The adjustable-rate loans have seven-year terms with five-year extension options if performance goals are met. Their initial four-year interest-only periods will be followed by amortization on 30-year schedules. The borrowers have the option to extend the interest-only period an additional three-years subject to meeting specific conditions.