PRINCETON, NJ-The New Jersey office of Berkadia Commercial Mortgage recently closed a $41.5-million fixed-rate Freddie Mac loan for the Barclay Square apartments here.
Robert Lipson, a senior vice-president, worked with landlord Kenneth Pizzo Sr. on the loan, used to refinance an existing loan on the property originally provided by Berkadia and Freddie Mac in 2003.
The 220-unit Barclay is located at the Princeton Forrestal center, Princeton University’s mixed-use development a few miles north of its main campus in Princeton. The center contains more than 6 million square feet of office and research space, hotel and conference centers, retail and housing.
The apartment community has two- and three-bedroom apartments, with up to 3,000 square feet of space in ranch or townhouse-style residences. Each residence also has a one- or two-car heated garage and access to the 1900 Club. The apartments are currently 99% occupied.
“Mr. Pizzo and his family have built a true, Class A property in the Princeton area,” Lipson said.
Berkadia closed a similar deal recently for a luxury apartment complex in downtown Providence, RI. A new 10-year, fixed-rate Freddie Mac mortgage for $48 million was arranged on Regency Plaza, owned by Chestnut Hill Realty.
The loan was used to help refinance an existing mortgage on the 444-unit property, originally provided by Berkadia and Freddie Mac in 2008.
Regency Plaza is set close to I-95, I-195 and Route 146, and commuter and rail service to Boston, New York and T.F. Green Airport. It is a short walk from the Financial District, dining, theatre, shopping and historic Federal Hill.
The complex has three luxury high-rise buildings with studio, one-, two- and three-bedroom apartments, which are currently 96% occupied. The property has recently been renovated.
“Berkadia has a long-standing relationship with Chestnut Hill Realty, and with the help of Freddie Mac, we were able to secure historically low interest rates in a short period of time,” said Lipson.