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BRIDGEWATER, NJ-Concerns in the current credit market notwithstanding, locally based SK Properties has just picked up more than $170 million of construction financing for three separate apartment complexes amassing 845 units in New Jersey and Pennsylvania. The trio of properties runs the gamut from a luxury high-rise on the Jersey City waterfront to a garden-style complex in the Pennsylvania suburbs.

“The news headlines paint a grim economic picture,” notes Jamie Block, VP-finance for SK Properties. “There’s a belief that the financial institutions have completely stopped lending money for new residential projects. But while market conditions have created significant challenges and major banks have tightened their criteria, we’ve been able to continue to originate and construct financing packages that lenders are comfortable with.”

The largest of the loans just picked up was $107.5 million for 225 Grand–a 12-story, 348-unit rental building in Jersey City. The project is part of the Liberty Harbor North development, and SK is joint venturing the building with the Hoboken-based Applied Development. The financing is for a three-year term, according to Block, with lead lender PNC Bank backed by TD Banknorth, Capital One and Commonwealth Bank Group.

The other two recently-financed properties are both in Pennsylvania. For one, a $46-million loan supports construction of Centronia Road Apartments, a garden-style complex with 364 units spread over a total of 26 buildings, accompanied by a comprehensive recreational amenity package. Capital One was the lead lender for the three-year package, backed up by TD Bank.

Finally, $17.1 million was obtained for Allenbrook Apartments, a collection of 133 garden-style units in Allentown, PA. The construction loan was for a three-year term, placed with Bank of America.

Ongoing work on the three properties adds to an SK portfolio that currently amounts to more than 8,000 owned and 3,000 managed apartment units. The company also owns and manages more than five million square feet of office, warehouse and retail space.

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