In the second transaction, LFR arranged financing through Freddie Mac for the 24-unit, six-year-old Sylvan Arms Apartments in Clifton, NJ. The amount was not disclosed, but also features a 30-year amortization period.
In the third transaction, LFR arranged $1.7 million financing with Berkshire Life Insurance for a ground lease for a site in Rochelle Park, NJ. The financing features a fully amortized 20-year loan. The 2.7-acre site contains pads leased by Burger King and Longhorn Steakhouse.
LFR is a commercial loan correspondent for Canada Life, Berkshire Life and ING, and is a Freddie Mac Program Plus Seller-Servicer. The firm, a wholly-owned subsidiary of Long Island-based PW Funding, also originates Fannie Mae DUS multifamily financing.
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