Red Mortgage Capital closes $60M SBL Portfolio in Union City, NJ
UNION CITY, NJ — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, LLC, announced the closing of a $60 million, 18 property portfolio in Union City through the Freddie Mac OptigoSM Small Balance Loan program. The financing was for the acquisition of the multifamily properties, which include 481 units of affordable housing in one of the country’s most densely populated areas. The properties range from eight to 67 units. John Darrow, Jim Martin and Harris O’Connell with RED’s SBL Team negotiated the portfolio transaction along with Brad Domenico of Progress Capital. The Union City transaction is one of RED’s largest SBL portfolio financings to date and one of a growing number of portfolios financed by RED in the small balance space.