(Read more on the multifamily market and moreon the debt and equitymarkets.)
WEST DEPTFORD, NJ-The developer of the to-be-built RiverwindsCove Apartments has picked up a total of $32.3 million infinancing, in a combination of both construction and permanent-debtfunding. That developer, the locally based Grove Street RealtyUrban Renewal LLC, will now proceed with construction of thecommunity after receiving the financial backing from Merrill LynchCapital.
"Our client sought a non-agency solution for the development ofthis new age-restricted multifamily complex," says Ted Pomeroy ofCB Richard Ellis Debt & Equity Finance, who arranged the dealfor the borrower. "When it's completed, it will be one of SouthJersey's most luxurious residential communities."
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