BRANCHBURG, NJ-Mark Scott's Commercial Mortgage Capital has closed a $26.5-million self-liquidating loan for a 276-unit apartment complex in Neshanic Station.
“We identified a life company source of very competitively priced, self-liquidating money,” Scott tells GlobeSt.com. He founded and is president of Livingston-based CMC. “Being in touch with the capital markets every day allows us to find the best loan product for our borrowers' appetite,” Scott says.
He did not identify the borrower, or the lender, in this case.
The ten-building apartment community that was financed is known as Whiton Hills at Branchburg. Set in the Neshanic Station section of Branchburg Towship, it has a mix of unit sizes: 33 one-bedrooms, 27 two-bedrooms and a dozen three-bedroom apartments.
The luxury units have hardwood floors, modern kitchens, washers/dryers in each unit and a balcony or patio, as well as a playground and tennis court.
U.S. Route 202 and U.S. Route 22 run through the township, and there is easy access to Interstate 78, Interstate 287 and Route 206. New York City and Philadelphia are each within an hour's drive. Newark Liberty International Airport is 35 miles to the northeast of Branchburg.
Lehigh Valley International Airport, JFK International Airport and La Guardia Airport in New York, as well as the Trenton-Mercer Airport near Trenton and Princeton in Mercer County, are all within driving distance.
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