BORDENTOWN, NJ—Commercial Mortgage Capital has arranged $27 million in financing for Sterling Properties' 159 luxury apartment units in Bordentown, NJ.
"This deal was unique because financing was secured prior to the property being fully leased," says Mark Scott, founder and principal of Commercial Mortgage Capital. "The borrower, Sterling Properties, was seeking to lock rate long term prior to rates rising. The rate was locked below 4.5 percent in August and they avoided the recent rise in rates. In addition, the loan term of 20 years and long amortization of 40 years suited the borrower during lease-up. Our life company correspondents are offering self-amortizing loan/amortization terms of 20/20, 30/30, 40/40 and even 50/50 year structures."
The new luxury apartment complex, which is made up of four multifamily buildings, is the first of many exciting elements of the Bordentown Waterfront Community, a new development containing condominiums, apartments, restaurant and retail space.
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