M&T Bank Lends $26M on NJ Apartments Buy – Commercial Observer
Goldcrest Properties has sealed $25.5 million of acquisition financing for the purchase of a New Jersey multifamily asset, Commercial Observer has learned.
M&T Bank provided the interest-only loan for Goldcrest’s purchase of the 125-unit Hope’s Crossing property in Toms River, N.J. The purchase price was not disclosed.
Meridian Capital Group’s David Cohen negotiated the debt for the deal, which closed in 43 days.
“The strength and experience of the sponsorship, combined with a lender that understood the asset and moved with real urgency, allowed us to structure the right financing and bring the deal to a seamless close in a tight timeframe,” Cohen said in a statement.
Located at 1 Vans Way, the 1994-built Hope’s Crossing comprises garden-style apartments ranging from one to four-bedroom units. The Jersey Shore-area property is 14 miles west of Normandy Beach.
M&T Bank and Goldcrest Properties did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
