A portfolio of multifamily properties in Bayonne, New Jersey, has landed $47.9 million in refinance. The five-year loan, provided by a balance sheet lender, includes 24 months of interest-only payments and a five-year extension option.
The portfolio consists of over 20 assets, comprising 385 multifamily units and nine commercial units scattered throughout Bayonne.
Meridian Capital Group arranged the financing with a team led by Judah Hammer and Daniel Neiss. “In today’s market, lenders are moving away from rate locking loans at application in order to mitigate their interest rate risk, which makes underwriting and transacting much more challenging,” said Hammer.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.