CBRE today announced that it has secured $57 million in loans through the Freddie Mac Small Balance Loans Program for a 13-property residential and mixed-use portfolio located in the New Jersey neighborhoods of Orange, East Orange and Jersey City.
CBRE Vice President Jaspaul Kapoor secured the loans on behalf of the property ownership, One Wall Partners (OWP), a real estate investment and management firm based in Newark, New Jersey.The properties were mostly part of a 2017 portfolio purchase for $63 million, making OWP the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in northern New Jersey.
“The CBRE Freddie Mac Multifamily Small Balance Loan program recently topped $4 billion in total originations, reaching this milestone in just four years,” said Mr. Kapoor. “Our team around the country has now closed nearly 1,700 loans, averaging $2.4 million per loan, and has been the top seller in the program for the past two years. The refinance for our client, OWP, was ideal as it provides flexibility for the ownership.”
“With an average of a billion dollars of Small Balance Loan production annually, CBRE has been positioned as the top producing SBL lender over the last four years,” said Steve Johnson, Vice President of Freddie Mac Multifamily’s Small Balance Loans business. “Together, we’ve provided financing for hundreds of small balance properties that typically provide affordable housing in communities that really need it. The transaction involving the 13 properties announced today is just the latest example. We look forward to continuing to work with CBRE to provide flexible executions and best in class pricing for small balance borrowers.”
"The Small Balance Loan program fits very well with our urban, workforce housing strategy," noted Ron Kutas, Chief Operating Officer for One Wall Partners. "CBRE and Freddie Mac have been great partners in helping us grow our portfolio.”
The loans were secured for the following properties:
- 172 William Street in East Orange
- 69 North Arlington in East Orange
- 242 and 195 Prospect Street in East Orange
- 157 and 147 Halsted Street in East Orange
- 122 Stevens Avenue in Jersey City
- 209 William Street in East Orange
- 17 Webster Place in East Orange
- 212 Central in Orange
- 57-73 South Walnut Street in East Orange
- 150 and 157 South Harrison Street in East Orange
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About One Wall Partners
Founded in 2010, OWP is a vertically integrated real estate investment firm whose primary objective is providing naturally occurring affordable housing and quality, transit-oriented workforce housing located within a half-mile of public transportation. For more information about One Wall Partners, email us at info@onewallpartners.com or go to www.onewallpartners.com.
