EDGEWATER, NJ–First Niagara is financing a $30 million loan to National Resources for construction of a 100-unit luxury apartment building at Edgewater Harbor, a mixed-use waterfront community.
The loan will also finance construction of a parking garage at the 24-acre site, which was the former home of Unilever's research and development headquarters.
Edgewater Harbor currently has 495 residential units and 100,000 square feet of shops and restaurants. Groundbreaking for the new building is scheduled for the spring.
Joseph Cotter, president of National Resources, said, “This was a significant financing for Edgewater Harbor and will speed the next phase of the project to market.”
Tracy Dembicer handled the transaction for First Niagara. "This is our third loan with National Resources, a nationally known developer with a strong reputation for commercial, residential, retail and mixed-use properties of exceptional quality,” Dembicer said.
First Niagara provides funding for projects in New York, Connecticut, Massachusetts, Maryland, Pennsylvania, Ohio, and Washington, DC., in addition to New Jersey.
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