Provident Bank Supplies $32M Perm Loan for New Jersey Apartments
By Andrew Coen December 19, 2025 10:39 am
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Goldcrest Properties has secured a $31.5 million permanent loan to refinance a New Jersey garden-style apartment community, Commercial Observer has learned.
Provident Bank supplied the loan for the 240-unit Zachary Arms Apartments in Hamilton, N.J., which Goldcrest acquired in November 2023 for $32 million in a value-add strategy play. Goldcrest purchased the property when it was approximately 13 percent vacant, and over 18 months renovated most of the apartments to help boost occupancy levels, according to Arrow Real Estate Advisors, which arranged the transaction.
Arrow negotiated the financing with a team consisting of Morris Betesh, Jacob Schmuckler, Morris Dabbah and Louis Halperin.
“We’re excited to have opened a new lending relationship for our client and to continue building momentum together,” Schmuckler, senior director at Arrow, said in a statement.
Located at 1 Zachary Lane 34 miles northeast of Downtown Philadelphia, Zachary Arms Apartments is situated on a 21.76-acre property comprising 39 buildings. The 1965-built complex features one- and two-bedroom units.
Officials at Goldcrest Properties did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
