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Bal Bay Realty Secures a $40M Refi from Voya Investment

Berkadia Arranges Refinancing on Brookchester Aparments
January 30, 2018
Bal Bay Realty Ltd. secured a $40 million refinancing loan for its Brookchester Apartments at 915A River Rd. in New Milford, NJ.

Chalres Forchini and Christopher Apone with Berkadia arranged the financing on behalf of the borrower, placing it with Voya Investment Management. The loan includes a 15-year term, competitive interest rate and a loan-to-value (LTV) ratio of 35 percent.

Built in 1948, the two-story, garden-style multifamily property features 752 units including studios, one- and two-bedroom apartments.
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