LYNDHURST, NJ—Developer JG Petrucci Co. Inc. has secured $37 million in construction and permanent financing from Webster Bank of Waterbury, CT for its multifamily development the Station at Lyndhurst currently under construction here.
The deal was announced by HFF, which arranged the long-term deal that is structured to complete the construction of the project and provide long-term permanent financing.
Station at Lyndhurst is scheduled for completion by Nov. 1, 2014. Upon completion, the property will feature 192 apartment units situated within one building atop a structured parking garage at 240 Chubb Ave.
“Given the continued demand for Class A multi-family, lenders have become very creative on structure in order to differentiate themselves while still competing on pricing. In this case Webster Bank provided an excellent execution to help our client lock in long-term debt in a low interest rate environment before a single unit was rented,” says Jon Mikula, senior managing director at HFF.