Investor gets $57M financing for Essex, Hudson portfolio

Freddie Mac’s Small Balance Loans Program provided $57 million in financing last week for a 13-property portfolio owned by Newark-based OneWall Partners, RE-NJ reported. OneWall said the funds will be used to recapitalize 13 properties in East Orange, Orange and Jersey City, while a portion of the acquired financing will fund property upgrades. The portfolio, as noted by GlobeSt, includes eight properties in East Orange, one in Orange and one property in Jersey City. CBRE originated and closed the transaction on behalf of OneWall on July 10. OneWall acquired most of the portfolio for $63 million in 2017, a purchase that made the real estate investor the largest property owner in East Orange, according to news reports. East Orange has seen an increase in development in recent years due to its access to mass transit. Blackstone 360, another Newark-based developer, earlier this year secured a $33 million construction loan for an 18-story luxury residential building just three blocks from the Brick Church New Jersey Transit station. Hero Construction recently began work at 45 South Grove Street, the former site of the Blood Center of New Jersey, which is now being redeveloped into a mixed-use, high-rise apartment complex. [RE-NJ]