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M&T provides $25.5M bridge loan for NJ multifamily deal
The loan backs Goldcrest Properties’ purchase of the 125-unit Hope’s Crossing property for $33.8 million, and the transaction closed in 43 days.
Goldcrest Properties has secured $25.5 million in acquisition financing for a New Jersey multifamily purchase, Commercial Observer reported. The funding comes from M&T Realty Capital, a subsidiary of M&T Bank, according to the lender.
M&T Realty Capital provided an interest-only bridge loan tied to Goldcrest’s $33.8 million purchase of the 125-unit Hope’s Crossing property in Toms River, N.J. The financing is for the 1994-built, garden-style apartment community at 1 Vans Way, which includes one- to four-bedroom units.
Meridian Capital Group negotiated the debt for the transaction, which closed in 43 days, Commercial Observer said. The outlet also noted the property is located about 14 miles west of Normandy Beach.
In a statement, M&T Realty Capital Senior Managing Director John Taylor said the closing process moved smoothly and highlighted Goldcrest as a well-regarded owner/operator. Meridian Capital Group’s David Cohen said the sponsorship’s experience and a lender that understood the asset enabled the deal to reach a seamless close within the tight timeframe.