$49M APF loan is Crystal clear.

APF (American Property Financing) has successfully completed the placement of a $49 million loan for the refinancing of the Crystal Ridge Club, a 334 unit property in Somerset, NJ.

Financing consists of a 10-year Fannie Mae DUS DMBS variable rate loan.

Crystal Ridge is a Class A garden-style multifamily project located in the New York

Metro area; and within a half-hour drive of Newark International Airport. The property consists of 15 individual buildings housing 334 total units. Fifty-four of the total units are age-restricted and limited to residents aged 50 years and older. Forty other units are reserved for low to moderate income HH's; two units are models; and one is the super's unit.

The (40) low to moderate income units comply with New Jersey Fair Housing Laws. Owner/management is not responsible for determining tenant eligibility or compliance with income restrictions; since all prospective tenants are pre-certified by their local municipality. Crystal Ridge is located in Watchung (Somerset County) New Jersey.

The Crystal Ridge Club was developed by Ginsburg Development LLC, a highly respected and successfully established developer of real estate in the NY/NJ region.

The property opened in April 2002; was built-out in a series of phases (roughly one 22-unit phase per month) with the last and final phase completed in August 2003.