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SOUTH ORANGE, NJ-CapitalSource Finance LLC has provided an $8.07 million senior mortgage loan to South Orange Commons for the acquisition and condo conversion of the multifamily property of the same name. The two-building, 40-unit complex on Church Street is adjacent to a NJ Transit rail station in this city’s Downtown retail district.

CapitalSource provided the funds for the property’s acquisition, as well as for upgrading the complex as part of the condo conversion, according to Dan Harrington of the firm’s New York office. “We look at a number of condominium conversion packages, and this property contained a number of positive elements in a conversion opportunity, including an improving location, lack of competitive inventory and a favorable buy-versus-rent analysis,” Harrington says.

Placement of the loan was arranged through the New York office of Cooper-Horowitz Inc. Soundview Real Estate Partners of Stamford, CT provided a layer of mezzanine financing to the capital structure.

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