In the larger of the two financings, Jumping Brook Apartments, a 308-unit property in Neptune, secures a 30-year, fixed-rate $19.4-million permanent loan. In the second deal, a $9.25-million package was arranged for Leonardine Gardens, a 140-unit property located in South River. Terms of the second loan include 120 months interest only, and then 20 years self liquidating, according to Gunning.
"Management and leasing experience keeps these properties at near 100% occupancy," Gunning says. "The lender was completely satisfied with the collateral and market for this 30-year fixed-rate financing."
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