Dealmaker: Eastern Mortgage Capital Provides $11M for New Jersey Apartments

(Image courtesy of Eastern Mortgage Capital)

Eastern Mortgage Capital, Burlington, Mass., provided $10.65 million in permanent financing for a townhome-style apartment community in Williamstown, N.J.

The package is fully non-recourse to the borrower with no carve-outs, is assumable and includes a step-down prepayment (no yield maintenance or defeasance) that expires after 10 years.

‘Despite the challenging credit environment, we were able to refinance the existing debt at a lower rate and provided cash out proceeds to the owner,” EMC Vice President Peter Tousignant said.

“The fixed-rate loan with no mandatory balloon payment and declining pre-pay structure positions the property for long-term stability and affords maximum flexibility to the borrower,” continued Tousignant.

The property, called the Retreat @ 385, features 38 townhome-style apartments.