The funding is a 10-year, fixed-rate package. The borrower was not named. The asset, which sits on just under 20 wooded acres, consists of 12 buildings with 24 units each, and is fully leased.
"We were able to secure a forward commitment with Freddie Mac when the property was just over 50% complete," according to Mikula. "There is tremendous demand for new apartments in this part of New Jersey, and New Hampshire Commons serves that need."
The project is located in Ocean County, which has been the fastest growing county in the Garden State during the last decade.
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