Capital One, NYCB Lend $323M on New England Apartments Portfolio
By Andrew Coen December 13, 2022 3:56 pmreprints
Eagle Rock Properties has inked a $323 million debt package for the acquisition of five multifamily properties in Massachusetts and New Hampshire, Commercial Observer has learned.
Capital One (COF) and New York Community Bank (NYCB) supplied the loan on Eagle Rock’s 1,314-unit New England portfolio. Meridian Capital Group’s Abe Hirsch, Zev Karpel, Harshit Shihara and Sean Anderson arranged the transaction out of the company’s New York City headquarters.
“In midst of the dramatic rise of the 10-year U.S. Treasury, we are thrilled to be able to execute this monumental acquisition for Eagle Rock Properties with a combination of agency and balance-sheet debt,” Hirsch said in a statement. “During the turbulent time when rates rose above 6 percent, Meridian’s strong banking relationships coupled with the timely execution of the rate lock allowed us to arrange fixed-rate financing well below 5 percent.”
The portfolio’s properties are in Nashua, N.H,. as well as Framingham, Swampscott and Brighton, Mass. Property amenities include community clubhouses, barbecues, fitness centers, swimming pools, garage parking and pet parks.
Plainview, N.Y.-based Eagle Rock Properties was founded in 1995 by brothers Mark Seelig and Adam Seelig. The firm targets suburban multifamily investments in the Northeast and mid-Atlantic region, and owns and manages more than 8,500 units across 50 properties.
Officials at Eagle Rock and Capital One did not immediately return requests for comment. NYCB declined to comment.
Andrew Coen can be reached at email@example.com.