Northeast

PHILADELPHIA — Arbor Commercial Funding has secured $4.62 million in Fannie Mae DUS financing for Cloverly Park Apartments, a 52-unit multifamily community located in Philadelphia. John Kelly of Arbor's Boston office originated the loan, which carries a 10-year term, a 30-year amortization schedule and a 6.14 percent interest rate. The borrower was not disclosed.

NEW BRUNSWICK, N.J. — The final condominiums at The Residences at The Heldrich have been sold. The 48-unit project is located at the intersection of George Street and Livingston Avenue in downtown New Brunswick, adjacent to the Heldrich Hotel. Residents have access to the hotel's amenities, which include concierge service, room service, private dining rooms, catering, a fitness center with an indoor pool, valet parking and housekeeping services. The Heldrich also includes two restaurants and a lounge. The residential component of the project includes private underground parking and a residents-only lobby with private elevators. The marketing agent for The Residences at The Heldrich was Stasse & Co.

NEWARK, N.J. — Marcus & Millichap has brokered the sale of an 11-unit multifamily building in Newark for $250,000. Built in 1960, the property contains 10 apartments and one ground-floor commercial space. The unit mix is one studio, seven one-bedrooms, one two-bedroom and one three-bedroom. Steve Sussman of Marcus & Millichap's Miami office and Christopher Rizzolo of the firm's New Jersey office represented the seller, an Ohio financial institution, and procured the buyer, a New York investor.