Goldcrest Properties has completed a $25.5 million acquisition financing for the purchase of a multi-family complex in New Jersey, the lender announced. M&T Realty Capital, a subsidiary of M&T Bank, provided the interest-only bridge loan for Goldcrest's acquisition of the 125-unit Hope's Crossing property in Toms River, N.J. The purchase price for the asset is $33.8 million.
John Taylor, Senior Managing Director at M&T Realty Capital Corporation, expressed satisfaction with the collaboration: “M&T Realty Capital is proud to have provided this financing to Goldcrest Properties.” He highlighted that David Cohen and the Goldcrest team had been attentive and responsive, which made for a smooth closing. Taylor described Goldcrest as a highly regarded owner and operator and looked optimistically towards future cooperation opportunities.
Property and Financing Details
Built in 1994, the Hope's Crossing complex is located at 1 Vans Way and consists of garden apartments with one to four bedrooms. The property in the Jersey Shore region is situated 14 miles west of Normandy Beach. David Cohen of Meridian Capital Group negotiated the financing, which was concluded within 43 days.
Cohen emphasised the factors that contributed to the rapid completion: “The strength and experience of the sponsor, combined with a lender who understood the asset and acted with genuine urgency, allowed us to structure the right financing and smoothly close the deal within a tight timeframe.” A request to Goldcrest Properties for comment initially remained unanswered.
Key Factors for a Successful Closing
- —Sponsor's Experience: Goldcrest Properties was praised as a “highly regarded owner/operator”.
- —Lender's Responsiveness: M&T Realty Capital understood the asset and acted promptly.
- —Efficient Negotiations: Meridian Capital Group contributed to the swift processing.
- —Short Closing Period: The transaction was completed in just 43 days.
