Commercial Mortgage Capital Closes Three MF Deals Worth $52M
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LIVINGSTON, NJ –Commercial Mortgage Capital, the real estate finance company founded in this northern New Jersey community by Mark Scott, has completed three new multifamily deals totaling $51.5 million.
Two of the most recent loans involved property sales in Woodbridge, and another was a construction loan for a project in Westchester County, NY. Scott says the transactions flow from the “continued strength of the multi-family market in the Tri-state region.”
“Transactions for top-quality assets in regions such as New Jersey, New York and Connecticut are currently experiencing lower loan-to-value ratios and looser lending structures,” he adds.
CMC secured a $20-million permanent loan to finance a 16-building, 256-unit, renovated multi-family complex in Woodbridge, located within walking distance of the Woodbridge Plaza Center and Woodbridge Center Mall. The property is also near the Woodbridge train station and the Metro Park train station.
The second loan in Woodbridge was a $15-million mortgage refinance for a 24-building, 401-unit garden apartment complex with nearby access to the Garden State Parkway, New Jersey Turnpike, I-287 and Routes 1 and 9. The complex has 269 one-bedroom units, 125 two-bedrooms and seven three-bedroom duplexes.
Scott’s company also arranged a $16.5-million construction loan for a four-story, 60-unit apartment building in Sleepy Hollow, NY. The waterfront property is part of the Hudson Harbor development project that includes several upscale housing complexes, trendy restaurants and RiverWalk Park, which is on planned to run from Pierson Park in Tarrytown to Icabod’s Landing in Sleepy Hollow. The building will have 7,813 square feet of amenity space and offer 32 single-bedroom units with a den, four two-bedrooms, 20 two-bedrooms with a den and four three-bedrooms.
The development is close to the Tarrytown train station, I-287 and the Tappan Zee Bridge.
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