8A — March 2025 — Financial — M id A tlantic Real Estate Journal
www.marej.com
F inancial New Jersey financial institution closes key loans in Bergen County Spencer Savings Bank strengthens CRE portfolio with $100 Million Construction Pipeline
E
new construction loans, typically up to $10 million, focusing on for-rent ground-up multifamily construction projects, for-rent and for-sale townhome complex- es, and self-storage construction projects. Spencer Savings Bank’s lending footprint primarily spans the following counties: Bergen, Essex, Passaic, Hudson, Union, Morris, Middlesex, Somerset, and Mercer. Recent Highlights in Bergen County: ● Spencer Savings Bank construction specialist client manager, James Meicke , recently closed a $5,550,000
construction-to-permanent loan in Rutherford, NJ. The project involves constructing a two-story rental apartment building totaling approxi- mately 39,000 s/f, comprising 23 apartment units with 33 surface parking spaces. The loan was approved at a maxi- mum 70% loan-to-cost ratio. ● Spencer also closed a $5,060,000 construction-to- permanent loan for a 12-unit townhome complex in Oradell, NJ. Situated on a 1.4-acre site, the project will offer 30,000 s/f of rentable space within two two-story buildings. Each unit
will be 2,930-2,952 s/f, includ- ing additional garage space. The development will feature a total of 34 parking spaces. Beyond Construction Loans: In addition to construction fi - nancing, Spencer Savings Bank offers permanent loans secured by asset types such as medical office buildings, multi-tenanted industrial warehouses, small retail strip centers, multifamily properties, and mixed-use prop- erties. Ideal loan sizes range from $1.5 million to $10 million. The bank also provides niche fi - nancing options for LLC-owned properties with 1-4 units.
A Trusted Partner in Real Estate Financing Headquar- tered in North Jersey, Spencer Savings Bank has a proven track record of supporting real estate investors and develop- ers throughout New Jersey and the tri-state area. The bank’s target clientele includes experienced medium-to-large size real estate developers and owners within the market. Spencer Savings Bank offers comprehensive online banking services in addition to its ex- tensive 27-branch network. To discuss financing options for your upcoming construction project, contact Dana Berlin , senior vice president / director of Commercial Real Estate. About Spencer Savings Bank Spencer Savings Bank pro- vides a full suite of financing options for a range of prop- erty types, including medi- cal office, flex/warehouse, industrial, retail, mixed-use and multifamily. The bank specializes in construction loans for rental properties and smaller for-sale residen- tial properties. Additionally, Spencer offers financing and refinancing for LLC-owned, smaller-sized, 1-4 family in - vestment properties. Backed by a seasoned team of ex- perts, Spencer Savings Bank is committed to meeting the evolving financing needs of its clients. MAREJ MMCC arranges $3.5M acquisition financing for Fairfax County property CHANTILLY, VA — Mar- cus & Millichap Capital Corporation (MMCC) ar- ranged $3,500,455 in financ - ing for the acquisition of an asset occupied by Sheetz Gas Station and convenience store. Jared Cassidy , senior di- rector in MMCC’s Washing- ton, D.C. office, secured the fi - nancing with a National Bank on behalf of a private client. “This newly developed as- set was an ideal acquisition for our client given the phe- nomenal location in Loudon County and 18 plus years left on an original absolute net lease,” said Cassidy. Terms of the 7-year loan include a sub 5.99% interest rate, 25-year amortization, and no prepayment penalty. MAREJ
LMWOOD PARK, NJ – Spencer Savings Bank , a leading New
Jersey-based financial in- stitution, is making significant strides in the commercial real estate sector with a robust con-
Dana Berlin
struction pipeline totaling approximately $100 million across fifteen projects through - out New Jersey. The bank continues to originate
Flexible Capital Solutions for Commercial Real Estate Projects ACCOMPLISH MORE
Stephen Arrivello sarrivello@pace-equity.com
Made with FlippingBook Ebook Creator