Suburban Philly Multifamily Property Refis With Peapack Gladstone
The owner of Edgely Estates, a 245-unit multifamily property outside Philadelphia, took advantage of low interest rates and refinanced with $14.1 million from Peapack Gladstone Bank. Eastern Union Funding brokered the loan.
Investor Philip Balderston, who specializes in turning around distressed properties, bought Edgely Estates through a limited partnership last year. With interest rates set to rise in 2015, he took this opportunity to refinance, locking in a 3.125 percent interest rate without recourse, according to Eastern Union. The loan has a term of five years.
Eastern Union’s Eli Breiner and Zev Schwartz arranged the loan.
“There’s no question that interest rates are on the rise, right now the big question is when,” Mr. Schwartz said in a statement provided exclusively to Mortgage Observer. “Our client wasn’t willing to sit around and find out, and the result is this excellent deal we just closed.”
Edgely Estates, at 7200 Marion Avenue in Levittown, Pa., offers studio, one- and two- bedroom apartments. It is currently fully leased, according to Eastern Union.