BLACKWOOD, NJ-First mortgage financing totaling $41.4 million has been arranged for the Fountainview Village Apartments, a 970-unit complex in this South Jersey community. The borrower in the transaction was owner RK Creek Associates, a local group.
The financing package was based on a 10-year term with an initial two-year interest-only period, followed by a 30-year amortization schedule, according to Martin Klebanoff, senior vice president and co-managing director of the Northern New Jersey regional office of NorthMarq Capital Inc. in Parsippany, who arranged the deal. The financing was arranged for the borrower through NorthMarq's seller-servicer with Freddie Mac.
"Even with a fire affecting 48 units during the closing process, Freddie Mac closed on time and in accordance with the signed application," Klebanoff says. "It was an excellent job by both Freddie Mac and RK Creek Associates."
The asset is located in South Jersey's Camden County.
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