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SK Gets $170M in Construction Financing

BRIDGEWATER, NJ-With the new backing, work will continue on three apartment complexes totaling 845 units.

By Eric Peterson | Updated on December 10, 2008

BRIDGEWATER, NJ-Concerns in the current credit market notwithstanding, locally based SK Properties has just picked up more than $170 million of construction financing for three separate apartment complexes amassing 845 units in New Jersey and Pennsylvania. The trio of properties runs the gamut from a luxury high-rise on the Jersey City waterfront to a garden-style complex in the Pennsylvania suburbs.

“The news headlines paint a grim economic picture,” notes Jamie Block, VP-finance for SK Properties. “There’s a belief that the financial institutions have completely stopped lending money for new residential projects. But while market conditions have created significant challenges and major banks have tightened their criteria, we’ve been able to continue to originate and construct financing packages that lenders are comfortable with.”

The largest of the loans just picked up was $107.5 million for 225 Grand–a 12-story, 348-unit rental building in Jersey City. The project is part of the Liberty Harbor North development, and SK is joint venturing the building with the Hoboken-based Applied Development. The financing is for a three-year term, according to Block, with lead lender PNC Bank backed by TD Banknorth, Capital One and Commonwealth Bank Group.

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