(Read more on the debt and equity markets and the multifamily market .)
RAHWAY, NJ-Landmark Homes has received $30 million in construction financing for its $40-million, 179,000-sf Park Square luxury apartment development here. Wachovia National Bank provided the three-year construction loan. Commercial Mortgage Capital president Mark Scott arranged the deal. Scott tells GlobeSt.com that CPC has worked with Landmark on multifamily refinancings before, but this is the first construction loan.
Park Square will be a four-story, 159-unit luxury complex built in two phases. Combined the two building swill have 81 one-bedroom units averaging 954 sf, and 78 two-bedroom units averaging 1,302 sf. "They're going to be finished with granite countertops, wood cabinetry, tile floors," Scott says. "You usually don't find that in multifamily."
The first phase will be completed and ready for leasing in the spring of '08, and the second phase finished by the end of '08.
"Rahway has undergone a recent resurgence due to its new train station, vibrant downtown and growing nightlife," Scott says. Park Square is situated two blocks from the new train station, and boasts access to both Manhattan and the Jersey shore in 20 minutes each.
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