NEPTUNE, NJ-Commercial Mortgage Capital has completed a $9.75 million mortgage refinance of the 82-unit Wellsbrook apartment complex in this Monmouth County community.
The 10-year-loan, with 30-year amortization, carries a 3.75% interest rate, according to Mark Scott, president of CMC, which is based in Livingston.
“This is an excellent time for multifamily property owners to refinance,” said Scott at a market conference sponsored by Marcus & Millichap this week. “More and more owners are seizing the opportunity.”
The Wellsbrook complex includes 11 garden-style buildings on 8.3 acres along Route 33, which intersects with Route 35, the main north-south artery that will be rebuilt with federal storm-aid funding over the next two years.
Wellsbrook was built in 2001, and all units have two bedrooms. Neptune is bordered by the other shoreline communities of Ocean Township, Belmar, Ocean Grove, Bradley Beach and Avon-by-the-Sea.
The apartments have individual front entries, central heating and cooling systems, individual thermostats, and hook-ups for washers and dryers. Units have hardwood floors and ceramic-tiled bathrooms.
A majority of the apartments have one or two-car garages, and all have either patios or balconies.
Besides access to the Garden State Parkway, there is commuter ferry service from nearby Atlantic Highlands to Pier 11 in Manhattan or New York Waterway to the World Financial Center and W. 38th St.
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