Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)

MT. OLIVE, NJ-A permanent financing package amounting to $92 million has been arranged for the owners of Oakwood Village Apartments here. The property is a garden-style complex of 107 two-story buildings with a total of 1,224 one- and two-bedroom units, built in phases in the 1970s and 1980s.

The loan was arranged by James Gunning, senior director in CBRE/Melody’s Saddle Brook, NJ office, and was provided by AIG/Sun America. Gunning arranged the package for the borrower, Oakwood Apartments LLC, an affiliate of the Florham Park, NJ-based Kushner Cos. The financing replaces existing short-term debt.

“The property has enjoyed a steady income stream over the years,” Gunning says. “The asset’s quality, along with the experience and financial strength of the sponsor, made this a good investment opportunity for AIG/Sun America.” Located along Route 206 here, the property is managed by Westminster Management, which is also part of Kushner Cos.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.