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Parkway Lofts Breaks Ground, Gets $48M in Financing

BLOOMFIELD, NJ-CBRE arranges construction financing for Prism Capital Partners, which has begun the first phase of the adaptive reuse of a former General Electric warehouse into a residential village.

By Debra Hazel | Updated on December 20, 2011

BLOOMFIELD, NJ-CBRE has arranged $47.5 million in construction financing for Prism Capital Partners LLC’s first phase of The Parkway Lofts, which recently broke ground.

CBRE arranged a three-year loan at 275 basis points over LIBOR, with an option for an one-year extension, with US Bank for the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments. A three-level parking facility also is being built. CBRE had multiple lenders to choose from, says James Gunning of CBRE’s Capital Markets’ Debt & Equity Finance group, who with Donna Falzarano of CBRE arranged the deal.

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