VOORHEES, NJ—Hunt Mortgage Group has provided a $46 million Freddie Mac loan facility to refinance the Village at Voorhees Apartments, a multifamily property located in Voorhees, NJ.
Village at Voorhees Apartments is an 856-unit, garden style apartment complex located at 10 Lucas Drive. Voorhees is adjacent to Cherry Hill and about 16 miles southeast of the Philadelphia central business district.
The term of the loan is 10 years with a 30-year amortization schedule. The financing was structured utilizing both the Freddie Mac Index Lock program and the Freddie Mac 120-day ERL Program – two loan structures Hunt began offering earlier this year. The borrower is a New Jersey limited partnership. The deal team at Hunt included Cox and Michael Powell, originator.
“The borrowers have owned Village at Voorhees Apartments since 1998 and are experienced commercial real estate investors and repeat Freddie Mac clients,” says Steven Cox, managing director, Hunt Mortgage Group. “They have successfully managed the property since purchase, handling the daily operations and performing basic maintenance work in-house.”
“In addition, the borrower was able to take advantage of improved property performance to achieve an increase in loan proceeds to the maximum LTV of 70%,” says Cox. “At the same time, apartment demand in the Philadelphia area has been strong over the past year and is expected to remain that way for the foreseeable future. These factors made this an attractive deal for Hunt.”
Village at Voorhees Apartments is comprised of 40 two- and three-story buildings. Property amenities consist of two tennis courts, two swimming pools, two fitness centers, and a clubhouse with internet access.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
