Capital One Multifamily Finance has provided $47.8 million in financing to Eagle Rock Properties for the acquisition of the Avalon at Freehold, a multifamily property in Freehold, N.J., Commercial Observer can first report.
Meridian Capital Group arranged the seven-year Freddie Mac loan, which features a fixed-rate of 3.44 percent, and full-term interest only payments. Abe Hirsch and Akiva Friend, of the brokerage’s New York office, led the negotiations.“It was a pleasure working with Eagle Rock in their acquisition of Avalon at Freehold,” said Hirsch. “Based on our experience with Eagle Rock and their tremendous track record in the multifamily real estate industry, we expect this asset to perform very well as they execute their value-add business plan.”
The Avalon at Freehold is a 296-unit apartment community located at 100 Lambert Way. The property includes a swimming pool, a fitness center, a yoga studio and a playground. Equity real estate investment trust AvalonBay Communities was the complex’s previous owner, and was represented in the sale by BlueGate Partners, according to company website information.
“We’ve worked with Eagle Rock Properties before and were happy to once again leverage our Agency relationships to find them a financing package that met their needs,” said Grace Huebscher, President of Capital One Multifamily Finance. “Avalon at Freehold is a high-occupancy, institutional property, and we look forward to seeing it flourish under its new owners.”
Eagle Rock currently has a portfolio of approximately 6,000 multifamily apartments across New York, New Jersey, Connecticut and Pennsylvania. The investment and property management firm completed the acquisition through its Multifamily Property Fund II, which targets Class B multifamily assets in the Northeast.
“We are excited to further expand our footprint in New Jersey. Avalon at Freehold, together with Presidential Place in Lebanon, New Jersey, gives us two high-quality assets in strong markets,” said Jim Hausman, Eagle Rock’s Portfolio Manager, in prepared remarks. “Execution is essential and we would like to thank Meridian, AvalonBay, Capital One, Freddie Mac, BlueGate Partners, the attorneys and local officials for their hard work and commitment to getting the deal closed.”
Officials at AvalonBay Communities and BlueGate Partners did not immediately respond to requests for comment.