The 35-year loan is backed by the 688-unit Parkview Towers, a pair of 24-story buildings near the Hudson River. It carries a coupon below 4%. The loan-to-value ratio is 80%, pegging the value of the property at roughly $68 million. The fully amortizing mortgage closed last week.
The borrower, a group of individual investors, will use about $7 million of the loan for upkeep, repairs and reserves. The rest went toward retiring previous financing from the State of New Jersey.
Built in 1974, Parkview Towers is at 5101 Park Avenue, about 1 mile north of the Lincoln Tunnel, which connects to Manhattan. The property is fully occupied, and most of the ten- ants receive federal Section 8 subsidies.
Love Funding is a multi-family and healthcare lender based in Washington.