Tryko Partners has secured a $21.6 million refinancing loan for Roosevelt Village Apartments, a 101-unit affordable housing community in Carteret, N.J. The 10-year CMBS loan carries a 5.75 percent fixed rate, according to Yardi Matrix data, and was originated by Greystone Director Ryan Harkins. The loan proceeds will also allow the borrower to monetize a portion of its equity in the property.
The Fannie Mae mortgage retires a prior CMBS loan of $16.9 million taken in 2021 from Manufacturers and Traders Trust Co. and originated by Walker & Dunlop, the same data provider shows.
Completed in 1969, the community comprises 10 two-story buildings with one-, two- and three-bedroom floorplans ranging from 508 to 1,060 square feet. Roosevelt Village Apartments includes a playground and a laundry facility, along with 140 parking spaces.
Located at 100 Roosevelt Ave., the 5-acre property in Middlesex County is near Interstate 95, some 22 miles from New York. The community is also roughly 12 miles from the Staten Island Mall, the largest retail option nearby.
New Jersey outperforms national trends
As of September, the average national clocked in at $1,722, marking a 0.8 percent year-over-year increase, a recent Yardi Matrix report shows. At 5.2 percent, New Jersey was among the top-performing areas in the country, second only to Manhattan (5.6 percent). In August, New Jersey had the highest lease renewal rate—80.7 percent—well above the 60.4 percent national average, the same source shows.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com