Northeast

QUEENSBURY, N.Y. — Beech Street Capital LLC has closed a $7.8 million Fannie Mae DUS loan to refinance the Whispering Pines Apartments, a 190-unit complex in Queensbury. The fixed-rate loan has a 10-year term with 9.5 years yield maintenance and a 30-year amortizing schedule. Whispering Pines was built in 1970 and was recently renovated by the owner. The borrower refinanced this asset to cover the cost of improvements to the apartment property. Kristen Croxton and Greg Reed of Beech Street arranged the deal.

JERSEY CITY, N.J. — Beech Street Capital LLC has closed a $70 million Fannie Mae conventional loan to refinance The Gotham, a 22-story high-rise apartment building in Jersey City. The fixed-rate loan has a 10-year term, 9.5 years yield maintenance, and a 30-year amortizing schedule. The borrower sought a cash-out refinance of The Gotham to invest in other development opportunities. The 220-unit apartment building includes six occupied commercial spaces covering more than 20,000 square feet on the ground floor and a four-story parking garage with 340 spaces. The Gotham is three blocks west of the Exchange Place PATH station and six blocks northwest of the Paulus Hook Ferry

CAMDEN, N.J. — Brick, N.J.-based Tryko Partners LLC has purchased The Crestbury, a 392-unit apartment building, for $16.1 million. Built in 1950, the multifamily property features one- and two-bedroom units and is situated within a few miles of bridges heading into Philadelphia. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus and Millichap represented the buyer, Tryko Partners, and the seller, a New Jersey-based liability company, in the deal.

CAMDEN, N.J. — Tryko Partners LLC has acquired The Crestbury, a 392-unit apartment property in Camden, for $16.1 million. Built in 1950, the property features one- and two-bedroom units overlooking a neighborhood park. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the seller, a New Jersey-based limited liability company. They also procured the buyer.