NEW MILFORD, NJ—Berkadia has secured a $40 million loan for the refinancing of Brookchester Apartments, a 752-unit garden style multifamily community in New Milford, NJ. Senior managing director Charles Foschini and managing director Christopher Apone of Berkadia's South Florida office arranged the loan on behalf of the borrower, Bal Bay Realty.
Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corporation.
Voya Investment Management originated the loan, including a 15-year term with an aggressive interest rate and LTV ratio of 35 percent. The occupancy rate was 98.27 percent at the time of refinancing.
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