FORT LEE, NJ-A financing package totaling $12 million has been obtained by Linwood Cooperative, a 1,170-unit apartment complex here. Linwood Cooperative Apartments' units are spread over 26 five-story elevatored buildings on more than 27 acres in this Bergen County community. The proceeds will be utilized for renovations and upgrades to the property, which was constructed in 1949.
The financing was originated and closed by Steven Heller, senior vice president of the Eastern Region of ARCS Commercial Mortgage Co., based in that firm's Princeton office. Originated through Freddie Mac, the loan carries a 30-year term at a rate of 5.69%, and will be repaid on an interest-only basis for the first two years.
The Calabasas Hills, CA-based ARCS, a commercial lending firm, provides Freddie Mac, Fannie Mae, capital markets and mezz and bridge financing.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.