(To read more on the debt and equity markets, click here.)
PLAINSBORO, NJ-Kushner Cos. has taken a $93-million loan for debt-permanent refinancing of its 860-unit Quail Ridge Apartments here. The loan was secured for the Quail Ridge Association, a Kushner subsidiary.
James Gunning, senior director of CBRE|Melody's New Jersey office, arranged the financing. AIG/Sun America provided the money, in a 30-year term at a 6% interest rate. "This capital was aggressively priced and provided cost-effective prepayment flexibility for the last 15 years of the loan term," Gunning says.
The Quail Ridge Apartments, built in 1981, are located at 3301 Quail Ridge Dr., on 62 acres adjacent to the Princeton Meadows Golf Course. Monthly rents go from $799 for efficiencies up to $1,450 for two bedroom/two bath units with fireplaces.
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