PHILADELPHIA – November 15, 2017 – Berkadia announced the financing of a $41 million first mortgage for The Woods at Blue Heron Pines, a multifamily community in Galloway Township, New Jersey. Managing Director Jim Badolato and Senior Analyst Patti Henne of Berkadia’s Philadelphia office structured the financing through the firm’s partnership with Freddie Mac. The borrower is an entity controlled by DiLucia Management, a Pennsylvania-based management company.
Utilized to refinance a maturing loan, the new 10-year financing carries a sub-4 percent fixed interest rate and five years of interest only.
“DiLucia’s long-term commitment to the asset and its residents is evident, making this an ideal lending opportunity for Berkadia,” said Badolato. “Freddie Mac understood the fundamental strengths of the property and location. Despite proximity to Atlantic City, there is a diverse base of employment drivers and a limited supply of quality rental housing in the area. Major employers within five miles of the property include AtlantiCare’s headquarters, AtlantiCare Regional Medical Center, Stockton University, Atlantic City Airport and the Federal Aviation Administration William J. Hughes Technical Center, which employs over 2,500 people.”
The Woods at Blue Heron Pines is located at Bally Bunion Drive, affording convenient access to the Atlantic City Expressway and the Garden State Parkway. The Class A community has 330 units on over 58 acres with views of Ron Jaworski’s Blue Heron Pines Golf Club. The property features large floorplans averaging 1,458 square feet, each with a private garage. Developed by DiLucia in 2001, the asset is in excellent condition and has consistently performed at over 95 percent occupancy.