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

EDGEWATER, NJ-Developer Roncati/FKF has picked up $21.6 million in construction funding for a new luxury condo project here. Headed by Conrad Roncati, a principal of the locally based residential design and construction firm Design Group Architectura, the 10-story project dubbed the Aventine will add 34 units to the market.

The two-year construction loan was arranged for the borrower by Tom Didio, senior managing director in the Florham Park, NJ office of Holliday Fenoglio Fowler. The funding was provided by Commerce Bank, and further terms were not released.

“The Aventine is located in an area commonly referred to as the ‘Gold Coast,’ which has become a sought-after address by young professionals and empty nesters because of its proximity to Manhattan, lower cost of living and suburban setting,” Didio says. “In turn, the residential market here is one of the most active new multifamily development markets in the Northeast.”

Named for one of the fabled seven hills of ancient Rome, the Aventine is rising at 280 River Rd. here. Features will include an outdoor pool, health club, business center, concierge service and underground parking.

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