(RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
LINDENWOLD, N.J. – Beech Street Capital announced Tuesday that it provided a $26.3 million Freddie Mac Capital Markets Execution loan for the acquisition of The Landings at Pine Lake, a 520-unit apartment complex located in Lindenwold in Camden County.
The borrower, Azure Partners LLC is a repeat Freddie Mac client with over 20 years of commercial real estate experience. “We have done many loans with Fannie and Freddie on prior transactions and Beech Street’s execution in procuring this loan was flawless,” states Arthur Rosenberg, CEO of Azure Partners LLC. “It was really as smooth as one could hope for.”
Abe Hirsch and Moshe Majeski originated the transaction for New York-based Meridian Capital Group, which has a correspondent relationship with Beech Street, based in Maryland.
The Landings at Pine Lake is located within the Philadelphia MSA, about 15 miles southeast of the Philadelphia central business district. Consisting of 46 three-story apartment buildings and a leasing center, the property is currently 95 percent occupied.
Built in 1971, with a second phase of construction in 1976, originally as a condominium project, the rental complex is set on 36 acres around Pine Lake.
The seller in the current transaction was a large pension fund that had continuously invested in the property. The Landings was renovated in 2004-2006 and includes amenities such as a “bark park,” fitness center with lake view, tennis courts, swimming pool and spa, community garden, jogging paths, clubroom, and an E-lounge with a library. Also, the property offers 766 open parking spaces.
The fixed-rate loan has a 10-year term, with three years of interest-only payments.
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