The property consists of 56 one-bedroom garden apartments, 113 two- and three-bedroom townhouses and 14 ground-level handicapped units. Built in the early 1980s on a 22.5-acre site, the units are subsidized under a Section 8 renewal HAP Contract. Winteringham Associates obtained the loan with a 10-year term and a 25-year amortization (YM for 9.5 years) through the Freddie Mac Early Rate Lock Program. The interest rate is 6.9% (30/360) and the LTV is 80% with 1.45 DCR.
"We have worked with this borrower on previous transaction," says Don Reape, Reilly vice president. "This is a well-positioned apartment property with the added benefit of providing quality affordable housing in this marketplace."
The location is in Ocean County in south central New Jersey.
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