The first property is Berdan Court Apartments, a 176-unit garden complex on just over 10 acres in Wayne, NJ, which received a $3.6 million package. Consisting of 10 two-story buildings, the property was built in 1963 and renovated in the 1990s. As is the case with all three transactions, the identity of the borrower and further details of the financing were not disclosed.
The second loan, totaling just over $1.4 million, went to Hammel Apartments, an 80-unit complex in Maywood, NJ. Configured in 11 two-story buildings on 4.4 acres, the property was built in 1945 and renovated five years ago.
The third transaction, for $2 million, applies to Steuben Arms Apartments, a 100-unit complex in River Edge, NJ. The property, consisting of seven two-story buildings on 4.4 acres, was completed in 1966.
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