Investment Manager Provides $40M Loan to Brookchester Apartments

Bal Bay Realty has borrowed $40 million from Voya Investment Management to refinance Brookchester Apartments, a property with 752 garden apartments in New Milford, NJ.

“As competition in the lending market increases, we were able to secure a refinance loan that offered a compelling structure to the borrower, taking advantage of the substantial debt capital in the marketplace,” said Charles Foschini of Berkadia, who with Christopher Apone arranged the loan for Bal Bay.

Voya provided a 15-year loan that covered just 35% of the value of the property. “Utilizing the strength of our correspondent relationship with Voya and taking advantage of a flat yield curve, we were able to structure a fixed-rate loan with a very aggressive interest rate,” added Apone.

Built in 1948, the property at 915A River Rd. was 98% occupied at the time of the refinancing.

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