X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BERNARDSVILLE, NJ-In three recently closed transactions, Larson Financial Services, based here, has provided financing of more than $7 million for three different properties. In the first, the firm closed $4.4 million in financing for a garden-style apartment complex in Teaneck, NJ, through Freddie Mac, according to Larson president Gus Larson. The financing features an amortization period of 30 years at a competitive interest rate. Cedar Ridge Apartments consists of 116 units in seven, two-story buildings constructed in 1962.

In the second transaction, LFR arranged financing through Freddie Mac for the 24-unit, six-year-old Sylvan Arms Apartments in Clifton, NJ. The amount was not disclosed, but also features a 30-year amortization period.

In the third transaction, LFR arranged $1.7 million financing with Berkshire Life Insurance for a ground lease for a site in Rochelle Park, NJ. The financing features a fully amortized 20-year loan. The 2.7-acre site contains pads leased by Burger King and Longhorn Steakhouse.

LFR is a commercial loan correspondent for Canada Life, Berkshire Life and ING, and is a Freddie Mac Program Plus Seller-Servicer. The firm, a wholly-owned subsidiary of Long Island-based PW Funding, also originates Fannie Mae DUS multifamily financing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.