M&T Lends $26M on NJ Apartments Buy

Goldcrest Properties has sealed $25.5 million of acquisition financing for the purchase of a New Jersey multifamily asset, Commercial Observer has learned.

M&T Realty Capital, a subsidiary of M&T Bank, provided the interest-only bridge loan for Goldcrest’s $33.8 million purchase of the 125-unit Hope’s Crossing property in Toms River, N.J., according to the lender. 

“M&T Realty Capital is proud to have provided this financing to Goldcrest Properties,” said John Taylor, senior managing director with M&T Realty Capital Corporation. “David Cohen and the collective Goldcrest team were attentive and responsive, which made the closing process move smoothly.

Goldcrest is a well-respected owner/operator, and we look forward to many more opportunities with them,” John Taylor, senior managing director with M&T Realty Capital, said in a statement.

Located at 1 Vans Way, the 1994-built Hope’s Crossing comprises garden-style apartments ranging from one to four-bedroom units. The Jersey Shore-area property is 14 miles west of Normandy Beach.

Meridian Capital Group’s David Cohen negotiated the debt for the deal, which closed in 43 days.

“The strength and experience of the sponsorship, combined with a lender that understood the asset and moved with real urgency, allowed us to structure the right financing and bring the deal to a seamless close in a tight timeframe,” Cohen said in a statement. 

Goldcrest Properties did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.