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NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors.
The portfolio totals 1,115 apartment units across approximately 304,000 square feet. The properties are located in Manhattan, Brooklyn, Queens and The Bronx. Each property is leased to a unique nonprofit operator and backed by a contract with the New York City Department of Homeless Services.