Juniper Capital Group, a New York-based financial advisory firm, announced that it has originated a $23.3 million loan for the acquisition of Woodmont Square, a 100-unit high-end residential complex of garden apartments in Bridgewater, New Jersey, where 20 percent of the units are affordable.
A local bank supplied the 10-year loan at four percent interest to a local investor who purchased the two rental buildings at 100 Bellis Court for $32.6 million. The new owner plans to operate the assets and believes rents in this part of Northern New Jersey will continue to increase.
The property features one and two bedroom units with sleek kitchens, quartz counter tops, stainless steel appliances, individual washer and dryer, oversized showers with amenities that include: a gym, work center, club house, game room, basketball courts and electronic keyless entry system
Nate Lowy, president of Juniper Capital Group, arranged the financing.