OLD BRIDGE, NJ—The Miami-based Brunetti Organization has secured a $60 million refinance loan for its Glenwood Apartments here. Terms of the refi include 52% loan to value, a 15-year term and 15-year amortization rate and an aggressive interest rate.
CBRE Capital Markets secured the loan. CBRE vice chairmen Charles Foschini and Christian Lee and vice president Christopher Apone, in conjunction with CBRE’s New Jersey office, negotiated the financing on behalf of the borrower through Principal Real Estate Investors.
Located at 35D Spruce Lane in Old Bridge, NJ, Glenwood Apartments is a 1,168-unit garden style community. The Brunetti Organization completed the multifamily project in several phases in the late 1960s.
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