Both loans were arranged by M. Robert Goldman & Co. of New Jersey Inc. located in Millburn, NJ. The latest loan was placed with Artesia Mortgage Capital, an MRG-NJ correspondent based in Washington state.
Other terms of the loan were not disclosed, but what makes the transaction a little out of the ordinary is that the terms, including the total amount of the package, are tied to Atkins Development Group's ability to fully lease the three-story building. As Richard Koch, senior vice president of MRG-NJ explains it, "the loan amount is substantially larger than Atkins Development Group would normally expect to receive based on current leasing of the property.
"But Artesia has the confidence in the owner's ability to increase the building's occupancy from its present 92% to 95% range," Koch continues. "Such an arrangement has been increasing in popularity among developers of new buildings that are in the rent-up stage, and who want to capture today's low-interest rates."
The imaginative transaction was structured and arranged by Koch, whose firm is a privately held mortgage banker. Parent M. Robert Goldman & Co. is based in Great Neck, NY and has a servicing portfolio of more than $600 million.
The Millburn, NJ office was formed five years ago to provide financing services for such income-producing properties as office buildings, industrial properties, shopping centers and multifamily housing development in the Garden State. The New Jersey office currently represents a dozen national commercial lenders and has closed loans ranging up to $65 million.
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