The borrower, who had a "time of the essence" purchase contract to acquire both properties within a 60-day timeframe, MFC arranged a $22-million, 80% of value bridge loan, to effectuate title and then close on a $25-million, 85% of total transaction cost, permanent mortgage through the FHA 223(f) program.
Totaling $25 million, the non-recourse, fixed rate mortgages, were rate locked at an interest rate in the mid 5% range, for 35-year self-liquidating terms. The permanent loans covered 85% of the borrowers total transaction costs.
Laurelton Village, located in Monroe Township, Gloucester County, NJ is a 176-unit multifamily garden apartment complex. Originally built in 1969 and renovated in 1999-2001, the project maintains a 90%-plus occupancy level. The project contains only a two-bedroom unit design, and approximate rents are $745 per month. Project amenities include a clubhouse, pool, and playground.
Mountain Brook Apartments, located in Poughkeepsie, NY is a 288-unit multifamily garden apartment complex. Originally built in 1965, it is presently experiencing capital improvements as part of the borrower's acquisition strategy. Current occupancy is 90% with rents averaging $1.03 per foot, for the project's one-, two- and three-bedroom unit mix. Amenities include a clubhouse, fitness center, basketball court, and pool.
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