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Park Square Gets $30M for Construction

RAHWAY, NJ-Landmark Homes will get about 75% of what it needs to build its 159 units, in a deal worked out by Commercial Mortgage Capital.

By Sean Ryan | Updated on July 03, 2007

(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.”

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