February 1, 2017
Capital One Multifamily Finance provided $33.8 million to help an undisclosed investor buy the Sutton Pointe multifamily property in Matawan, NJ, at a cost of $42.2 million.
The interest rate will float for the 10-year, Freddie Mac loan at 2.73% over the 30-day LIBOR rate, with three years of interest-only payments. “Meridian was able to secure 82% loan-to-cost financing at a favorable rate, as well as a flexible prepayment penalty,” said Russ Drebin, senior vice president in the Iselin, NJ office of Meridian Capital.
That flexibility may become important if (when) interest rates eventually rise. Sutton Pointe, located at Two Sutton Drive in Matawan, is a two-story, 241-unit garden-style apartment complex.
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