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Capital One Provides $228M in Debt on NJ Apartments
Capital One recently 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, VP with Capital One Multifamily Finance, originated the transactions. Meridian Capital’s Abe Hirsch represented the acquisition financing request.
“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.”
Capital One closed the loans, which included provisions for swaps and capital markets execution, in just under 30 days.
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; and the 174-unit Hillside Village, the 198-unit Ridgefield Gardens and the 238-unit Shaler Properties in Ridgefield.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
