Arbor Originates $44M Loan on THG’s NJ Multifamily Portfolio Acquisition
THG Properties has nabbed about $44.4 million in debt originated by Arbor Commercial Mortgage to purchase a three-property multifamily portfolio in New Jersey, Commercial Observer has learned.
THG used the Fannie Mae-backed mortgage loan to facilitate its $57.5 million acquisition of three properties located in Mahwah, Short Hills and Westwood, N.J. from Pennsylvania-based multifamily owner and operator Morgan Properties, according to Progress Capital, the firm that advised in the arrangement and the negotiation of the financing.
Progress Capital’s Brad Domenico spearheaded the arrangement of the agency financing. CBRE’s Nat Gambuzza brokered the sale.
The garden-style properties include the 76-unit Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah; the 51-unit Short Hills Village Apartments at 80 Woodland Road in Short Hills; and the 48-unit Westview Apartment Homes at 27-55 Green Street in Westwood.
Built in 1965, Rolling Gardens sits on 5.3 acres and includes four buildings, comprising a mix of 38 one-bedroom apartments and 38 two-bedroom units that range in size from 850 square feet to 1,000 square feet, according to information from Progress Capital and Apartments.com.
Short Hills Village was built in 1950 and includes three buildings that sit on more than 2.2 acres, according to information from Progress Capital. It has a mix of 32 one-bedroom units and 19 two-bedroom residences, ranging from 720 square feet to more than 1,430 square feet, according to Apartments.com.
Westview Apartment Homes includes 32 one-bedrooms and 16 two-bedroom units, which are within nine buildings that are situated on 2.3 acres. Built in 1965, the property’s units range from 658 square feet to 716 square feet, according to Apartments.com.
Morgan Properties could not be reached. Representatives for THG and Arbor did not respond to separate inquiries prior to publication.
Mack Burke can be reached at firstname.lastname@example.org.