"The deal gives the borrower significant flexibility in terms ofthe repair schedule and payment to accomplish the complexrehabilitation," according to Justin Peyser, vice president anddirector at CPC's Jersey City office. "CPC's New York officespecializes in tenant in-occupancy repairs, and we are now seeingthis business model successfully implemented in New Jersey."

Renovations to the Chestnut Lane Apartments will include roofrepairs, landscape improvements and a new parking lot, among otherthings, according to Peyser.

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