NEW BRUNSWICK–Beech Street Capital has provided a $32 million Freddie Mac CME loan for the refinance of Raritan Crossing Apartments, a 376-unit complex in New Brunswick.
The fixed-rate loan has a seven-year term and 30-year amortization. The transaction was originated by Avi Weinstock and Josh Rhine of Meridian Capital Group, and it was financed as part of Beech Street’s correspondent relationship with Meridian.
The borrower’s identity was not disclosed by the lender. However, public records indicate the complex at 18 Regency Manor Drive was acquired in 2005 by a limited liability corporation, DJN Raritan Crossing. Joel Willard, the vice-president of credit for Beech Street, said the complex owner has 27 multi-family properties in the Northeast, many of them located in central New Jersey. Over the past two years, he has completed substantial improvements to the complex, which is more than 20 years old, Willard said in a statement about the loan.
Through its Capital Markets Execution program, established in 2008, Freddie Mac buys conventional mortgages secured by multifamily properties through its lender network. Freddie Mac pools the loans, securitizes them through a broker/dealer and sells the securities as Series K-003 Structured Pass-Through Certificates, commonly known as K-Certificates.
CME loans are offered at lower rates than conventional loans. Since the launch of Freddie Mac's multifamily business in 1993, it has provided more than $245 billion in financing for multifamily properties.
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