10B — March 19 - April 15, 2021 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

Proscia and Turley secure $7.75 million in financing for Jersey City construction loan Villamagna & Stewart of Cronheim arrange $11.1M in financing for Bergen Countymultifam ily

ERGEN COUNTY AND HUDSON, NJ — Allison Villamagna and Andrew Stewart ar- ranged $11.1 million in financ- ing for the 150-unit St. James apartment complex, a series of 15 buildings on a 4.7-acre site. The 10-year financing with a 30-year amortization was struc- tured with extremely flexible prepayment terms as it has a step down prepay in the 1st five years of the term and can be repaid at any time with no premium after the 5th year. In addition, up to 20% of the loan can be repaid in any one year with no prepayment premium. B

St. James apartment complex in Bergen County, NJ genfield with NYC express bus service to NYC Port Authority in Times Square at the front of the property. Bergenfield is within 6 miles of NYC and ADVOCATE. ADVISER. ALLY. The subject is a garden-style, 3-story wood frame with brick exterior property originally built in 1962. It is located on Washington Avenue in Ber-

506 Central Ave., Jersey City, NJ

is a densely developed part of Bergen County, NJ. The prop- erty has surface and garage parking, many newly renovated units, and on-site laundry ser- vices. Bergen County consistently has some of the lowest multi- family vacancy rates in all of NJ. Although there are some new multifamily properties being built in the area, none of them compete with the subject rents. This property provides well managed andmuch needed workforce housing at affordable prices. In Jersey City, Cronheim Mortgage has secured a $7.75 million construction loan for 506 Central Ave., a 25-unit luxury multifamily develop- ment with tenant parking and ground floor retail. Janet Pro- scia and David Turley secured the financing for the client. The property is positioned in The Heights section of Jersey City. Central Avenue is a pri- mary retail and transit thor- oughfare that is convenient for both car and public-transport commuters heading east to Manhattan and all places west. This is the developer’s first multifamily project, which posed a challenge in securing attractive debt terms. Cron- heim was successful in com- municating the strength of the project and location as well as the support provided by the sponsor’s utilization of an experienced construction management firm to manage the development. A regional New Jersey Bank provided a two-year construc- tion loan followed by a 10-year fixed rate term. The construc- tion financing is priced at Prime + 1%. When the project is stabilized, recourse will burn off. MAREJ

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