Edgewater N.J. Complex Scores $85M Refi From Freddie Mac
Berkadia Commercial Mortgage arranged an $85 million revolving credit facility through Freddie Mac for an Edgewater, N.J., mixed-use complex, Mortgage Observer has exclusively learned.
The five-year loan has a floating rate based on Libor, currently ticking in at 2.05 percent, and a 75 percent loan-to-value ratio. The proceeds will be used to refinance a bridge loan, also provided by Berkadia, prior to stabilization. The property, called The View at Edgewater Harbor, was built in 2012, according to Zillow.com.
The View at Edgewater sits at 1 Main Street in Edgewater and consists of 162 multifamily units and nearly 47,000 square feet of retail space. The residential portion of the building holds studio, one- and two-bedroom units, and amenities include a fitness center, pool, rooftop deck and clubhouse.
The property is 95 percent occupied, according to a representative for Berkadia. Berkadia Senior Vice President John DiCrocco arranged the loan.
“At Berkadia, we prioritize building lasting client relationships based on stellar customer service and a commitment to understanding their needs over the full lifecycle of their properties,” said Mr. DiCrocco in a statement. “It has been a pleasure helping One Main Street Edgewater achieve their vision for this one-of-a-kind project, and we look forward to continuing our work together in the future.”