6A — February 12 - 25, 2016 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
A project being developed by HHG Development Associates, LLC Llenrock Group closes on $35 million permanent financing for Trenton Roebling Steel factory lofts
RENTON, NJ — Llen- rock Group , an in- dependent real estate finance and advisory firm, is pleased to announce it has se- cured $35 million in financing for the redevelopment of the old Roebling Steel factory on Clark Street in Trenton, NJ which will be converted into luxury loft apartments. The space will be converted into 138 lofts, a project being developed by HHG Development Associ- ates, LLC . Llenrock Group worked to provide HHGDevelopment with a $16.3 million construction to permanent loan, a $6.3 million T
credited investor. “It was a pleasure to work with our innovative sponsors,” says Tim Deegan, Director of Capital Markets at Llenrock Group, who spearheaded the transaction. “Their vision for the transformation of Trenton was inspirational.” “This project represents a turning point for Trenton. The collaborative effort of everyone involved is a testament to every- one’s belief and support in this project,” said Deegan. The project is the first phase of a six-building mixed-use redevelopment of the Roebling Steel complex. The Roebling
Arbor launches ALEX, an online multifamily agency lending platform UNIONDALE, NY — Ar- bor Commercial Mortgage, LLC , unveiled ALEX (Arbor LoanExpress), the multifam- ily industry’s first ever, all- agency, online loan origination platform. Developed for direct borrowers, brokers and cor- respondent lenders, ALEX is designed to streamline and organize a historically complex multifamily lending process, helping clients easily and effi- ciently obtain market-leading Fannie Mae and Freddie Mac financing. ALEX will provide the fastest loan evaluation in the industry and incorporates the first ever use of e-signature execution for certain forms used in multifamily agency lending. “As a true leader in the small balance agency lending busi- ness, we are both proud and excited to revolutionize multi- family financing with ALEX,” said Ivan Kaufman , Arbor’s chairman and CEO. “We incor- porated our years of success, world-class customer service and small loan experience in building a proprietary technol- ogy that allows us to reach new customers and provide our highly valued repeat clients with an organized, transpar- ent and efficient experience.” ALEX will offer all of the benefits of an automated lend- ing platform while leveraging Arbor’s established multifam- ily finance capabilities and infrastructure ALEX’s leading features in- clude: Online and automated application creation and forms submission; Three-hour or less loan evaluation and feedback from a loan officer with full information completion; Live help chat during all stages of the application process; Fan- nie Mae and Freddie Mac ap- proval of e-signature execution on key forms; 24/7 mobile and desktop access Both Fannie Mae and Freddie Mac were consulted throughout the development of ALEX. n Lofts are located across Route 129 and the Sun Bank Arena with a NJ Transit light rail station on-site. Construction on Roebling Lofts starts February 1st and should be completed by the first quarter of 2017. n
historic tax credit bridge loan, and a $11.5 million New Jersey ERG bridge loan. Additionally,
Llenrock Group assisted the Sponsor in the facilitation of the sale of tax credits to an ac-
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