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One Wall Lands $57M Freddie Mac Refi on NJ Workforce Housing
CBRE secured $57 million in loans through the Freddie Mac Small Balance Loans Program for a 13-property residential and mixed-use portfolio located mainly in East Orange, NJ. VP Jaspaul Kapoor secured the loans on behalf of the property ownership, One Wall Partners (OWP), a real estate investment and management firm based in Newark.
The properties were mostly part of a $63-million portfolio purchase in 2017 that made OWP the largest property owner in East Orange, and one of the state’s largest transit-oriented workforce housing owner/operators.
“The CBRE Freddie Mac Multifamily Small Balance Loan program recently topped $4 billion in total originations, reaching this milestone in just four years,” said Kapoor. “The refinance for our client, OWP, was ideal as it provides flexibility for the ownership.”
In addition to 11 multifamily properties in East Orange, the portfolio also includes 122 Stevens Ave. in Jersey City and 212 Central Ave. in Orange, NJ.
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