MONROE TOWNSHIP, N.J. — Greystone has provided a $16.5 million Freddie Mac Program Plus loan for the acquisition of Waterside Villas, an age-restricted community located in the Concordia neighborhood of Monroe Township. Sela Realty was the borrower and buyer.
John Williams and Ephraim Kantor of Greystar’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction.
The loan carries a 10-year term and 30-year amortization schedule with a low, fixed interest rate and interest-only payments for the first five years.
Built in 2009, Waterside Villas is a three-story community offering 100 units in a mix of studio, one- and two-bedroom layouts for residents 55 years and older. The property also features 24-hour building security, in-unit laundry, complimentary continental breakfast and housekeeping, as well as access to a state-of-the-art fitness center, business center and concierge service.