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Brender Associates has nabbed a $26 million debt package to refinance a multifamily property in northern New Jersey, Commercial Observer has learned.
Dwight Mortgage Trust (DMT), the affiliate real estate investment trust of Dwight Capital, supplied the bridge loan on Bender’s 150-unit Redka 1 property in East Orange, N.J., which was formerly called Highview House. The loan will facilitate renovation to the property including all common areas, exteriors and 100 refurbished units.
Located at 121-127 South Munn Avenue three miles from downtown Newark, Redka 1 consists of studios, one-bedroom and two-bedroom units. The 10-story property includes a laundry room.
The property is less than three miles from four college campuses: New Jersey Institute of Technology, Seton Hall University, Essex County College and the Newark satellite campus of Rutgers University.
The deal marks the second refinance DMT has closed on behalf of a New Jersey sponsor this month. In early March, DMT provided another $26 million refi for Fernmoor Homes’ Mi-Place at West Rancocas property in Mount Holly, which is in southern New Jersey in suburban Philadelphia.
Officials at Dwight and Brender Associates did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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