A New Jersey-based multifamily owner scored a $71.3 million financing from New York Community Bank, sources have told Commercial Observer.
Dr. Dinesh Khosla of SDK Apartments is using the proceeds of the loan to refinance old debt on SDK Millbridge Gardens at 1341 Blackwood Clementon Road in Clementon, N.J.
“Meridian leveraged its strong lender relationships to secure a below-market fixed rate despite the sharp rise in interest rates in November and December of 2016,” Karpel said through a spokesman. “Additionally, the lender held the rate for 100 days in a very uncertain environment.”
SDK Millbridge Gardens comprises 848 garden-style apartments ranging from 850-square-foot one-bedrooms, where rents start at $804 per month, to 1,000-square-foot two-bedrooms, where rents reach up to $1,553. The property is located in Southern New Jersey, roughly 30 minutes away from Philadelphia.
Representatives for NYCB and SDK Apartments declined to comment.