A— June 28 - July 11, 2013 — Mid Year Review — Mid Atlantic Real Estate Journal
www.marejournal.com
F inancing
In Northern and Central New Jersey Navesink River Capital closes loans totaling $1.5 million funding covers Exxon Properties
F
reehold , N J— Navesink River Capi- tal, LLC has closed
funding was obtained by Jiah Corp., a New Jersey corpora- tion controlled by the Halaka
a one-story Exxon retail gas station that includes a service bay and a snack shop on a
two l o an s aggregating $1.5 million, announced J o n a t h a n H o r n i k , founder and CEO of the F r e e h o l d based direct
In West Orange, the borrower similarly needed a bridge loan quickly in order to close on the property prior to obtaining permanent financing,” Jonathan Hornik said.
family, for a one-year term with an interest rate of 12%. The borrower’s property is situated at 2055 Route 35 in the Monmouth County community, and consists of
half-acre site. In West Orange, $650,000 in financing was provided to Prospect of New Jersey, Inc., similarly carrying a one-year term at an interest rate of 12%. The borrower’s property at 486 ProspectAvenue in Es- sex County consists of an Exx- on retail gas station including a three-bay auto repair shop on a .61-acre parcel. “In both cases, the borrow- ers were seeking short-term loans until they are able to arrange for permanent financing with a regional or national lender,” said Hornik. “In Holmdel, the borrower needed to close quickly relat- ing to a ‘time of the essence’ closing. Proceeds of the loan were utilized to enable the borrower to purchase the real estate from the Exxon Mobil Corp. “And in West Orange, the borrower similarly needed a bridge loan quickly in order to close on the property prior to obtaining permanent financ- ing,” he said. n
Jonathan Hornik
private commercial lender. The financing was provided to Exxon franchises in Holmdel and West Orange, NJ. In Holmdel, $850,000 in
486 Prospect Avenue in Essex County
Mid Year Review
a section of the MARE Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marejournal.com
Publisher/CEO Linda Christman lchristman@marejournal.com Publisher Steve Kelley skelley@marejournal.com
Section Editor Karen Vachon kjoy@marejournal.com
Made with FlippingBook - Online catalogs