The financing, arranged through Freddie Mac, includes a fully amortized 30-year loan with a 79% loan to value. The 11-building, 131-unit complex was built in 1958, acquired by its current owner two years ago, and recently underwent substantial renovations.
Also, LFR has arranged $3.3 million for a 38,000-sf office building in Tinton Falls, NJ. Acquired last year by its current owner, the building has National Discount Brokers, AMSTAT Corp. and several smaller tenants. Arranged with LFR correspondent Berkshire Life Insurance, the package features a fully amortized 20-year loan with a 70% loan to value.
Finally LFR closed a $2.2 million, 10-year loan amortized over 30 years for a 115,227-sf medical building in Somerset, PA. The building is fully leased to Sunrise Medical Inc. The owner was not disclosed.
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