MT. ARLINGTON, NJ–Mark Scott's Commercial Mortgage Capital arranged a $14.3 million mortgage loan assumption as the Carriage Club active-adult community here changed hands. Meanwhile, Scott says competition is heating up among lenders for new loans.
In the sale of the Carriage Club, Landmark Companies LLC acquired the 105-unit property from Pantzer Properties, with the buyer assuming a Freddie Mac loan. The 80,355-square-foot community is located at 1 Hillside Drive here in western Morris County.
“The capital market is currently in full swing and competition is heating up between lenders, all of whom have lofty targets,” said Scott, the founder and president of CMC. Scott has personally arranged over $5 billion of debt and equity financing since founding his firm.
“According to the Mortgage Bankers Association, originations of commercial and multifamily mortgages are projected to grow to $300 billion in 2014, a 7% increase from 2013 volumes, while originations of multifamily mortgages are forecast at $116 billion in 2014,” Scott said.
The Carriage Club property is set on seven acres and includes a clubhouse with indoor pool, fitness center, billiard room, library and a putting green. The units are a mix of one- and two-bedroom units ranging in size from 790 square feet to 1,030 square feet.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
