HOBOKEN, NJ-G.S. Wilcox & Co., Morristown, NJ-based commercial mortgage banker, has completed financing for two new apartment complexes totaling 128 residential units. The developer is Gotham City Real Estate Services. The money came from ING Investment Management, one of Wilcox’s corresponding lenders.

One property, The Ballpark, was financed with an amount of $8 million, or $125,000 per unit, with a self-liquidating 15-year term. The permanent loan was placed with a one-year interest-only period to allow for the property’s two-phase completion.

The second property, Gotham Mills, was financed with a fixed-rate construction-to-permanent loan in the amount of $6.925 million. The money will be used to convert two older industrial buildings and add three new structures, all of which will be connected into one building. The 14-month construction note will automatically convert into a 13-year, eight-month self-liquidating mortgage.

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