Apartment Complex Secures $92M Financing to Replace Short-Term Debt

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MT. OLIVE, NJ-A permanent financing package amounting to $92 million has been arranged for the owners of Oakwood Village Apartments here. The property is a garden-style complex of 107 two-story buildings with a total of 1,224 one- and two-bedroom units, built in phases in the 1970s and 1980s.

The loan was arranged by James Gunning, senior director in CBRE/Melody’s Saddle Brook, NJ office, and was provided by AIG/Sun America. Gunning arranged the package for the borrower, Oakwood Apartments LLC, an affiliate of the Florham Park, NJ-based Kushner Cos. The financing replaces existing short-term debt.

“The property has enjoyed a steady income stream over the years,” Gunning says. “The asset’s quality, along with the experience and financial strength of the sponsor, made this a good investment opportunity for AIG/Sun America.” Located along Route 206 here, the property is managed by Westminster Management, which is also part of Kushner Cos.