The buildings, which all have 10 units or less, are scattered around the city, which is located in Monmouth County. They total 36 apartments and have about 10,500 sf of retail and commercial space. All have been substantially renovated in the past three years by RDR, and all are back on the tax rolls. RDR bought the then-abandoned buildings at auction three years ago after the prosecution of several of the owners for fraud.
CPC's loan will finance existing mortgages and provide funds for tenant improvements for one of them, a mixed-use building that will house a motorcycle dealership. The refinance will also enable RDR to complete a large mixed-use development already underway in downtown Asbury Park.
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