Berkadia today announced that it has arranged a $42.93 million loan for the Pavilion Apartments, a multifamily property located at 108-136 Martin Luther King Blvd. in Newark, New Jersey. Managing Director Allan Freedman of the Los Angeles office secured the refinancing loan. David Stepanchak from George Smith Partners brokered the loan. Jeffrey Rabin of Resch Polster Berger, LLP facilitated a complex ownership structure on behalf of the sponsor.
The seven-year loan, secured through Freddie Mac, features a 4.08 percent fixed interest rate with a 75 percent loan-to-value ratio on a 30-year amortization schedule. The deal closed on March 8.
“Pavilion is one of the largest rent-controlled properties in New Jersey, which was perfect for Freddie Mac given their mission and focus on workforce housing,” Freedman said.
The Pavilion Apartments offer studio, one- and two-bedroom units. Amenities include ceiling fans, floor-to-ceiling windows, intercom systems, walk-in closets, and tiled or carpeted floors in select units. Community amenities include 24-hour courtesy patrol, fast access to public transportation, a children’s play area, disability access, elevators, a laundry facility, fitness facility and high-speed internet access. The convenient Newark location offers fast access to all that New York City has to offer via public transportation or personal car.