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POUGHKEEPSIE, NY-A New Jersey-based real estate company has formed two limited partnerships to finance the acquisition of two multifamily properties through Metropolitan Funding Corp. The two properties– Laurelton Village, located in Monroe Township, Gloucester County, NJ and Mountain Brook Apartments, located in Poughkeepsie, NY–total 464 units and were built in the 1960s.

The borrower, who had a “time of the essence” purchase contract to acquire both properties within a 60-day timeframe, MFC arranged a $22-million, 80% of value bridge loan, to effectuate title and then close on a $25-million, 85% of total transaction cost, permanent mortgage through the FHA 223(f) program.

Totaling $25 million, the non-recourse, fixed rate mortgages, were rate locked at an interest rate in the mid 5% range, for 35-year self-liquidating terms. The permanent loans covered 85% of the borrowers total transaction costs.

Laurelton Village, located in Monroe Township, Gloucester County, NJ is a 176-unit multifamily garden apartment complex. Originally built in 1969 and renovated in 1999-2001, the project maintains a 90%-plus occupancy level. The project contains only a two-bedroom unit design, and approximate rents are $745 per month. Project amenities include a clubhouse, pool, and playground.

Mountain Brook Apartments, located in Poughkeepsie, NY is a 288-unit multifamily garden apartment complex. Originally built in 1965, it is presently experiencing capital improvements as part of the borrower’s acquisition strategy. Current occupancy is 90% with rents averaging $1.03 per foot, for the project’s one-, two- and three-bedroom unit mix. Amenities include a clubhouse, fitness center, basketball court, and pool.

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