ESSEX COUNTY, NJ-David Trager, president of Chatham, NJ-basedTarget Capital LLC, recently closed a short-term acquisition anddevelopment loan on a partially completed for-sale town homecommunity here. According to Trager, the loan is "a commitment inexcess of $4 million."

He goes on to add that "Target Capital continues to seeopportunities for both investors and lenders as the realestate market and general economy continue on a path ofuncertainty."

In this case, Target Capital's borrowers had an opportunity tosimultaneously acquire both the prior lender's mortgage loan andfee title from the prior property owner. Most importantly, Tragertells GlobeSt.com, "the borrower needed a lender able to closequickly and understand the complexities of a broken for-saleresidential project that included multiple lien holders andapproval, construction and development issues.