May 7, 2019 Comments (0) Views: 78 National News, New Jersey, Northeast

RED Mortgage Capital Closes $60M SBL Portfolio in Union City, NJ

RED Mortgage Capital closed a $60 million, 18 property portfolio in Union City, N.J. through the Freddie Mac OptigoSM Small Balance Loan program. The financing was for the acquisition of the multifamily properties, which include 481 units of affordable housing in one of the country’s most densely-populated areas. The properties range from eight to 67 units.

RED SBL Team’s John Darrow, Jim Martin and Harris O’Connell negotiated the portfolio transaction, along with Brad Domenico of Progress Capital.

The Union City transaction is one of RED’s largest SBL portfolio financings to date, and one of a growing number of portfolios financed by RED in the small balance space. In the past 12 months, RED has closed 11 small balance loan portfolios totaling more than $200 million in loan proceeds across 75 properties.

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