LIVINGSTON, NJ–In the first six months of this year, Mark Scott’s Commercial Mortgage Capital has closed $88.9 million worth of permanent, construction and mezzanine loans for multi-family projects in New Jersey and New York.

“These loans speak to our ability to facilitate the proper financing structure for a range of borrowers in an expedited manner,” says Scott, founder and principal of the Livingston-based company.

Scott notes that the deals occurred in diverse locales, showcasing his company’s “intimate knowledge and command of the local markets.” Despite the sluggish financial climate, Scott says each of the deals was accomplished quickly with careful attention to detail.

• At the Edgewater Harbor multifamily and retail project in Edgewater, CMC arranged a $14-million construction loan for Building F. The five-story mixed-use building will anchor Edgewater’s Main Street, with 9,647 square feet of ground-floor retail and 52 residential units.
• In Lakewood, a $14.2-million permanent loan was arranged for a partnership of New Jersey developers who own thousands of multi-family units across the state and several million square feet of industrial and office space in New Jersey and Pennsylvania. The loan was for Andrew’s Corner, a six-building, 148-unit luxury apartment community at 1 Lisa Robyn Circle.
• In Parsippany, CMC provided a $9.5-million self-liquidating first mortgage for Dartmouth Village Apartments. The 222-unit complex is owned by a group of families that hold single and multi-family homes in the state. The apartments are one- and two-bedrooms, and the property is set in the northeastern part of Morris County close to Manhattan. Parsippany is also home to more than 70 major firms, including Novartis and Prudential.
• CMS also completed an $8 million construction loan for a second phase of multi-family apartments at Riverbend Wappingers Falls in Wappingers Falls, NY for the developers, who are from New Jersey. The principals have built and continue to manage thousands of for-sale and rental units in large multi-family apartment complexes, said Scott, although he declined to identify them. The existing 124-unit property in Wappingers Falls is fully leased.
• Columbia Court in Springfield, owned and managed by a family partnership, was provided with a $7.8-million permanent first mortgage loan The property in the affluent Union County community consists of two adjoining three-story buildings with 74 units – studios to three-bedroom apartments.
• CMC also arranged a $5.5-million first mortgage loan for a 148-unit apartment complex in Camden County, situated about 12 miles southeast of Center City Philadelphia.

Scott, a former executive with NorthMarq Capital and Barclays Capital, established his company in 1996. He has arranged over $3.7 billion of debt and equity financing.