M id A tlantic Real Estate Journal — Financial Digest — July 23 - August 19, 2021 — 9A
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F inancial D igest
Verus Commercial Real Estate Finance worked with CRE financing firm to close transaction NorthMarq arranges $13.275M bridge loan for new construction of The Opus Apartments
N ORTH ARLING- TON, NJ — Robert Ranieri , senior vice president/managing director of NorthMarq’s White Plains office, secured a $13.275 mil - lion bridge loan for the con- struction of The Opus Apart- ments. The 49-unit multifam- ily property is located on Ridge Rd. in North Arlington, NJ. The transaction was struc- tured with a two-year term. NorthMarq negotiated the financing for the borrower through its relationship with Verus Commercial Real Estate Finance (VCREF). “It was a pleasure working with NorthMarq to close this transaction. The NorthMarq team and VCREF worked dili- gently to maximize the execu- tion of the loan for its mutual Kennedy Funding closes $3.456M land loan for Texas mixed-use development ENGLEWOOD CLIFFS, NJ — One of the largest and fastest-growing cities in the United States will soon be home to a mixed-use develop- ment in the heart of its down- town, thanks to a loan secured for its developers by Kennedy Funding . The Engl ewood Cl i f f s - based direct private lender announced it has closed a $3.456 million land loan to EssexModern City, LLC. Loan proceeds will be used toward cashing out the current loan, funding to advance the plan- ning and engineering stage of the site, and completing quiet zone construction in partnership with the city of San Antonio and Union Pacific Railroad. The loan is secured by seven parcels of vacant land located at 51 Essex St. in downtown San Antonio. “San Antonio is one of the fastest-growing cities in the United States: Real estate values in the metro area have appreciated 40% since 2015, and coupled with low unemployment and a grow- ing population, this makes the Alamo City an excellent place for new construction that will be home to living, working, and recreation for its residents and visitors,” said Kevin Wolfer , CEO, Kennedy Funding. MAREJ
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60- year history, annual transac- tion volume of $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our more than 600 people. MAREJ
client,” said Ken Wood , man- aging director, VCREF. The newly constructed OPUS apartments feature one-bed- room units and penthouse suites with state-of-the-art kitchens, spa bathrooms, high end finishes and modern open concept floor plans. Floor to ceiling windows bring in natu- ral light and offer breathtaking views of the NYC skyline. “The New Jersey apartment market continues to be strong and this first-class building will serve the growing need for young professionals in this market,” said Ranieri.
The Opus Apartments
Recently Closed Loans
$19,500,000
$5,000,000
$17,500,000
232-Unit Multifamily Acquisition/Bridge Loan
36-Room Hotel Construction Loan
Student Housing Bridge Loan
Bloomsburg, PA
Sea Isle City, NJ
Philadelphia, PA
5.50%, 5 Years, 24-Months Interest-Only,
18-Months, Interest-Only, 70% LTV
7.70%, 24-Months, Interest-Only, 80% LTV, Non-Recourse
75% LTV, Non-Recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19428 • 610 - 456 - 9644 • bgreen@realpropertycapital.com
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