Bal Bay Realty refinances Brookchester Apts in New Milford, NJ

Bal Bay Realty has received a $40 million loan for the refinancing of the Brookchester Apartments in New Milford, New Jersey. Built in 1948, the property is located at 915A River Road, about 20 minutes away from New York City and is made up of 47 two-story buildings. It's currently 98 percent leased. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office originated the loan through Voya Investment Management. “Utilizing the strength of our correspondent relationship with Voya and taking advantage of a flat yield curve, we were able to structure a fixed rate loan with a very aggressive interest rate on a long term basis which will provide the borrower with exceptional cash flow for years to come,” stated Christopher Apone, Berkadia.