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(To read more on the multifamily market and the debt and equity markets, click here.)

CARTERET, NJ-Matzel Development is getting ready to start construction on Bristol Station Apartments, its new 288-unit multifamily development here, and now the Lakewood-based developer has a major construction loan in place. Matzel has obtained a $40.5-million, three-year package from North Fork Bank to get the project out of the ground.

The deal was arranged for Matzel Development by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park office of Holliday Fenoglio Fowler. Further terms of the financing were not released.

“Most communities in Carteret were built in the late 1950s, which creates a huge demand for newly constructed product like Bristol Station Apartments,” Mikula says. “The newness of this property and its proximity to major employment centers like Newark, Woodbridge and New York City should ensure a quick lease-up.”

The project, when completed, will consist of six buildings with 120 one-bedroom and 168 two-bedroom units on 11 acres. This city is situated at Exit 12 of the New Jersey Turnpike, less than 10 miles from Newark Liberty International Airport.

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