Kearny Bank Refis Multifamily Portfolio With $79M Loan

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SEB Realty has locked down a $78.5 million loan to refinance a portfolio of 12 multifamily properties in New Jersey and the Bronx. 

Kearny Bank provided the 10-year loan, which has a fixed 4.25 percent interest rate. Eastern Union brokered the deal with a team led by Alex Jaffa, and announced the deal Monday. 

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“Leveraging our understanding of the lending marketplace, Eastern Union successfully secured highly competitive rates for one of our long-standing clients,” Jaffa said in prepared remarks. “This expansive portfolio transaction illustrates the way a top-performing brokerage can demonstrate value in today’s challenging financial climate.”

Totalling 1,017 units, the 12 properties comprise 931,411 square feet. Eleven buildings are spread across nine New Jersey locations, while one building is in the Bronx. 

The New Jersey assets were built between 1926 and 1975 and are a mix of elevator-served, walk-up and garden-style buildings.   

The Bronx building, at 1164 Cromwell Avenue, is a six-story apartment building built in 1926. With a gross building area of 69,969 square feet, the site encompasses 73 units.

Officials at SEB Realty and Kearny Bank did not immediately respond to requests for comment.

Emily Fu can be reached at efu@commercialobserver.com.