(Read more on the multifamily market.)
LAKEWOOD, NJ - A $6.4-million mortgage is set for a community of 27 attached homes in this Ocean County city. The loan, which will fund the project's development, was secured through A-Z Financing, a Brooklyn, NY-based broker. The deal was facilitated by the Community Preservation Corp., the first made through the firm's Trenton, NJ office, which opened earlier this year.
"This project is an example of why we opened the Trenton office, which is to provide more opportunities to build personal connections with borrowers in the central and southern portions of the state," says Robert Riggs, CPC VP and regional director in Trenton. His firm, a not-for-profit mortgage lender, has its main New Jersey office in Jersey City.
"Lakewood is a town that is developing rapidly," Riggs says. "This is a market-rate project that meets the needs for moderately-priced housing for large families in Lakewood."
The developer of the project was described only as, "a local businessman." Permits for work at the site have been filed and foundation work is expected to be finished before winter.
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