SECAUCUS, NJ-Commercial Mortgage Capital has arranged a $70 million, 10-year loan with New York Life for the first two phases of Xchange at Secaucus Junction here. The demand for units at the property allowed New York Life to finance this deal prior to stabilization, says CMC president Mark Scott, who arranged the loan.
Xchange at Secaucus Junction is located at Exit 15X of the New Jersey Turnpike, adjacent to the Frank Lautenberg junction rail transfer station. The mixed‐use development, from Fraternity Meadows, combines luxury apartments and retail along with a sizeable amenity package, including gated covered parking, shuttle service to the train station, resident lounge with Internet caf
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
