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EDISON TWP., NJ-Market conditions notwithstanding, a number of projects in New Jersey have picked up major financing packages in recent days, as reported here, particularly of the residential variety. The latest to report a deal isn’t a new project, but rather the 1,000-unit garden-style Durham Wood Apartments at 32-N Reading Rd. here.

Specifically, the property’s owners have picked up $70 million in permanent financing, taking out existing financing. The deal was arranged by Richard Bassuk, president, and associate Evelyn Savino of the New York-based Singer and Bassuk Organization. A spokesman for that firm declined to identify the borrower, citing confidentiality. The property, however, is currently listed in the portfolio of Continental Properties.

According to Bassuk, his firm initially talked to various Fannie DUS lenders and Freddie Mac seller-servicers before opting for Wachovia Multifamily Capital Inc. as the DUS lender to represent the borrower with Freddie Mac.

“Wachovia and Freddie Mac were very responsive,” Bassuk says. “They provided the proceeds that were requested by the borrower on very advantageous terms, and exhibited both ingenuity and professionalism in achieving the results.”

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