LIVINGSTON, NJ-Locally based Commercial Mortgage Capital has closed a three-year, $12-million construction loan with a permanent option for a 136-unit luxury apartment development in Monmouth County.
The borrowers were seeking an aggressively priced, flexible construction loan that offered the option for conversion to a permanent loan at the end of the term, says CMC president Mark Scott, who negotiated the interest-only deal at an “excellent rate” with a seven-year permanent conversion option with Provident Bank.
According to Scott, “Lenders continue to have an appetite for well-located multifamily construction loans backed by strong sponsorship. Stamford Square will provide new, top-quality apartments in an area that has not seen new construction in many years.”
Thanks to historic low interest rates, CMC “has experienced strong volume this year,” says Scott, who adds that the company will close over $300 million in construction and permanent loans in 2010.
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