Greystone Supplies $98M Loan on New Jersey Apartment Complex
By Andrew Coen June 21, 2023 10:48 am
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The Pomeranc Group has secured $97.7 million of acquisition financing to purchase a Northern New Jersey multifamily property, Commercial Observer can first report.
Greystone provided the five-year Fannie Mae loan for The Pomeranc Group’s acquisition of the 465-unit Mountain View Crossing in Wayne, N.J., from UBS Realty Investors for an undisclosed price.
Cushman & Wakefield (CWK)’s John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein arranged the loan. C&W’s Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer procured the sales transaction.
“Mountain View Crossing was highly compelling to lenders given the uniqueness of the opportunity,” Kohaut said in a statement. “Sponsorship plans to continue the renovation strategy by upgrading the remaining 65 unrenovated units over the next three years as tenants roll, providing significant upside.”
Michael Pomeranc, founder and partner of The Pomeranc Group, said the firm’s “extensive background” with the leisure and hospitality sectors will help create an environment at the property with “exceptional amenities and comfort.”
Located at 650 Route 23, the property consists of eight studios, 309 one-bedroom units, 141 two-bedroom units and seven three-bedroom units. Its amenities include an outdoor swimming pool with a subdeck, a barbeque area, tennis courts, basketball courts, a fitness center and a dog park.
“This transaction benefited from a quick close, high level of proceeds and an early rate lock, all setting the client up for success in the future,” Judah Rosenberg, vice president at Greystone, said in a statement. “This was an example of a great collaboration with the Cushman & Wakefield teams across the board.”
Andrew Coen can be reached at acoen@commercialobserver.com
