New York & Tri-State + New Jersey + Finance | December 12, 2022

Commercial real estate finance brokerage Eastern Union arranged a $78,575,000 refinance of a portfolio of apartment properties in New Jersey and the Bronx

Eastern Union Arranges $79M of Apartment Properties in NJ and Bronx

Alex Jaffa, a senior loan consultant with Eastern Union, has arranged a $78,575,000 loan to refinance a 1,017-unit portfolio of 12 multifamily properties consisting of 11 sites across nine New Jersey localities, along with one property in the Bronx. The loan, secured through Kearny Bank, carries a fixed 4.25% interest rate over a 10-year period.

“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our longstanding clients,” said Jaffa. “This expansive portfolio transaction illustrates the way a top-performing brokerage can demonstrate value in today’s challenging financial climate.”

The properties, representing a total gross building area of 931,411 square feet, included properties in the following Central and South Jersey locations: Audobon, Bellmawr, Bordentown, Haddon Heights, Haddonfield, Laurel Springs, Lindenwold, Long Branch and Stratford. It also included the circa-1926 1164 Cromwell Ave. in the Bronx’s Concourse section.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).