Burlington, MA, July 23, 2024 – Eastern Mortgage Capital has provided $10,649,300 in permanent financing for The Retreat @ 385, a 38-unit townhome-style apartment complex located in Williamstown, NJ.

EMC Vice President Peter Tousignant noted that, “Despite the challenging credit environment, we were able to refinance the existing debt at a lower rate and provided cash out proceeds to the owner. Our low rate, long amortization, and low minimum DSCR are among the most aggressive of any multifamily financing program. No other loan product considered by the borrowing team came close to these proceed levels. The fixed rate loan with no mandatory balloon payment and declining pre-pay structure positions the property for long-term stability and affords maximum flexibility to the borrower.”

As with all Eastern Mortgage Capital loans, the package is fully non-recourse to the borrower with no carve-outs, is assumable, and as noted above, includes a step-down prepayment (no yield maintenance or defeasance) that expires after 10 years.

Eastern Mortgage Capital (www.easternmortgagecapital.com) is a direct nationwide MAP lender solely focused on providing FHA-insured financing nationwide for apartments, assisted living properties, and skilled nursing facilities. EMC is based in Burlington, MA and obtained FHA mortgage insurance under the 223(f) program to deliver the 35-year fixed rate non-recourse financing.  The loan was placed by CRE Advisors, LLC of Philadelphia.