The three assets include the 116-unit Westview Apartments in Hoboken, NJ, consisting of four five-story elevator buildings. The other two properties are located in North Bergen, NJ: the 142-unit New Floral Gardens 1B complex, configured as three five-story buildings; and the 116-unit New Floral Gardens II, eight three-story buildings. The latter property also includes two ground floor commercial tenants.
The loans were funded through Freddie Mac, all three of them receiving new Section 8 HAP contracts. The proceeds will be used by the borrower to refinance existing debt and to cover the cost of refurbishing the properties.
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