“We saw this as an unprecedented time to refinance our existing portfolio, by locking in attractive long-term financing at historically low interest rates,” said Morgan.

Freddie Mac provided 10-year fixed-rate financing with a partial interest-only period at sub-4% rates. The program is for individual property loans that are not cross-collateralized. The loans will amortize over 30 years after the interest-only period.

The apartment communities include a mix of garden, mid-rise and high-rise buildings, ranging in size from 20 units to the 666-unit Elmwood Village Apartments in Elmwood Park, NJ.

The average occupancy rate for communities in the portfolio is 95%.

Almost two-thirds of the loan series is to refinance New Jersey property, most of which Morgan acquired as part of its $1.9 billion acquisition of Kushner's portfolio in 2007. Morgan acquired 16,800 units and doubled the size of its portfolio holdings at that time – vaulting into position as the Number 1 landlord. Morgan Properties has since upgraded more than 3,000 of those units.

Some of Morgan's newer properties are: Cranford Crossing, a Westfield, NJ, apartment building that was built in 2007 and has 50 units with retail shops; The Mews at Annandale, a 221-unit apartment community in Annandale, NJ, built in 2003; and Horizons at Franklin Lakes, a 120-unit apartment community in Franklin Lakes, NJ, built in 2004 with amenities including a movie theater, fitness center, resident lounge and cyber café.

“Morgan Properties is now extremely well positioned for continued growth in the multifamily sector,” said Jonathan Morgan, director of acquisitions for the company. “Since rent growth is only a partial inflationary hedge, we felt compelled to secure attractive fixed-rate, long-term financing to mitigate future interest rate and refinancing risks.”

He said Morgan Properties has acquired over 2,800 units over the last 18 months.