Nationwide Life Insurance Company has provided a $45.6 million acquisition loan on the 316-unit Sterling Parc housing community in Cedar Knolls, New Jersey.
The 10-year loan went to Cornerstone Real Estate Advisers, which purchased the property from Invesco Advisers for $90.8 million, bringing the loan-to-value to 50.2 percent, city property records show.
Cornerstone purchased the asset on behalf of an institutional client, according to HFF, which arranged the sale.
“This transaction continues to exemplify the high demand for well-located multifamily in the New Jersey suburban markets,” said Jose Cruz, senior managing director at HFF, in prepared remarks.
Sterling Parc is a Class A, garden-style community in New Jersey’s affluent Morris County comprises 27 buildings, with 252 market-rate apartments, 56 age- and income-restricted and eight income-restricted units. The property is 96 percent leased.
Invesco purchased the community for $40.7 million from Cedar Glen Housing Corporation, a NJ-based non-profit, in May 2007. The property was built in two phases, in 1988 and 2001.
Last month Nationwide provided a $31 million refinancing on a grocery-anchored retail center in the suburb of Lyndhurst in Northern New Jersey. The company is one of the largest insurance and financial services companies with $197.2 billion in assets, according to its website.
Cornerstone Real Estate Advisers is real estate investment manager operating in the US, Europe and Asia. Nationwide did not respond to request for comment.