BORDENTOWN, NJ– Mark Scott’s Commercial Mortgage Capital has closed a three-year, $23-million loan construction loan for a luxury apartment complex going up in this waterside community.
The Rivergate apartments are just a part of a 100-acre Waterfront Community Development project under way beside the Delaware River and Crystal Lake, says Scott.
The Rivergate is to offer 159 units in a quartet of four-story buildings. Three of the four buildings will have an elevator. Sixteen garage units will be built under the buildings; also, 40 free-standing garages will be part of the development.
Amenities at the complex are to include an outdoor resort-style pool, fitness center and clubhouse.
Construction has begun at Rivergate, and is expected to take 12-to-18 months to complete.
At the Waterfront development, a total of 358 apartments, 118 loft homes, 120 manor townhouses and 52 townhouses are planned. There will also be 31,400 square feet of retail property and additional restaurant and office space.
When the entire project is complete, it will house 75 employees and 648 households.
Scott said the overall development plans include reconstruction of the Light Rail station at the entrance to the community. The site is surrounded by the Delaware River and Crystal Lake and a major highway network.
Bordentown already offers a collection of boutiques, restaurants, cafes and galleries. Three regional malls on US Highway 130 are located within a 20-minute drive of the development site.