OLD BRIDGE, NJ—The Miami-based Brunetti Organization has secured a $60 million refinance loan for its Glenwood Apartments here. Terms of the refi include 52% loan to value, a 15-year term and 15-year amortization rate and an aggressive interest rate.

CBRE Capital Markets secured the loan. CBRE vice chairmen Charles Foschini and Christian Lee and vice president Christopher Apone, in conjunction with CBRE’s New Jersey office, negotiated the financing on behalf of the borrower through Principal Real Estate Investors.

Located at 35D Spruce Lane in Old Bridge, NJ, Glenwood Apartments is a 1,168-unit garden style community. The Brunetti Organization completed the multifamily project in several phases in the late 1960s.

“What made this loan very unusual is that the property was built by a family with cash,” Foschini tells GlobeSt.com. “They didn’t have any debt on the asset for well over 40 years and it was financed in a way where at the end of the 15-year term it would in fact again have zero balance.”

Foschini described the Brunetti family as conservative investors who wanted to the income on the property to pay off 100% of the loan by the end of the term. The Brunetti family was able take advantage of historically low debt to release capital from the asset to be for other strategic functions.
 
Sources say that the Brunetti family, which also owns the Hialeah Park race track, is going to invest some of the capital to undergo a significant expansion. The track originally opened in 1925. The Brunetti family was not immediately available to comment on the rumor.