The loan has a 15-year self-liquidating term, according to Stewart. The source of the financing was not disclosed.
Owned by a local group, Fresh Ponds Village is a 120-unit, 110,760-sf complex totaling 10 buildings of 12 units each. The apartments are split between 30 furnished executive units and 90 unfurnished units, according to Stewart, and the complex includes an outdoor swimming pool and a variety of other recreational amenities. The location is near both Route 1 and Exit 8A of the New Jersey Turnpike.
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