Capital One Refis NY, NJ Multifamily Assets With $200M Loan Package
By Andrew Coen August 16, 2023 10:35 am
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Eagle Rock Properties has landed a $200 million debt package to refinance four multifamily assets in New York and New Jersey, Commercial Observer can first report.
Capital One (COF) provided the loans for the properties, which encompass 1,300 apartment units. The deals were arranged by Capital One senior vice presidents Todd Phillips and Michael Maidhof.
Meridian Capital Group arranged the transactions with a team led by Abe Hirsch and Zev Karpel.
“Meridian and Capital One’s long-standing relationship with Eagle Rock — and their designation as a Freddie Mac Select Sponsor — enabled us to effectively align our financing solutions with their strategy,” Phillips said in a statement.
The four individual loan amounts could not be immediately gleaned.
The balance sheet loans involved Ramblewood Village Apartments at 1190 South Church Street in Mount Laurel, N.J. and Mid-Island Apartments at 35 Penataquit Avenue in Bay Shore, Long Island. Both were fixed-rate loans with full-term interest-only payments.
Capital One also supplied Eagle Rock with a seven-year fixed-rate Freddie Mac loan with full-term interest-only payments for Eagle Rock Apartments at Freehold at 100 Lambert Way in Freehold, N.J.; and a Freddie Mac supplemental loan for Vista Point Apartments at 1 Town View Drive in Wappingers Falls, N.Y.
“These properties provide vital housing inventory to communities in the Northeast,” Rishi Gupta, partner at Eagle Rock, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
