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
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