WILLINGBORO, NJ–Eastern Union Funding arranged a $46.6 million loan for The Avery, a rapidly expanding townhome community here being developed by Robert Weiss of Weiss properties.
The project, planned for a total of 450 units, is located at 10 Lincoln Square.
Shaya Ackerman of Eastern Union brokered a revolving $40 million construction loan with an additional $6.6 million earn-out loan. Since construction will occur over four phases, Ackerman negotiated a structure allowing each completed phase to automatically convert to a full permanent loan.
Provided by Investors Bank, the loan features an interest rate of 4.5%, with the permanent loan portion set at 3.5% with a seven-year term and 30-year amortization schedule.
Ackerman previously arranged two separate permanent loans for the first phases of the project, one in November 2013 and another the previous summer. Those deals provided $11.5 million and $11.1 million respectively, each covering the construction of 72 units. All 144 units are now fully occupied.
"From the financing end, it was a double play between Shaya's structuring abilities and Eastern Union's great relationship with Investors Bank,” said Eastern Union's President Ira Zlotowitz. He said the bank was "very much on board" with The Avery, where the high-end units feature wood plank-style flooring, granite countertops and balconies and patios.
WIllingboro is situated between Moorestown and Burlington Township, close to Philadelphia. The area had been mainly farmland, but has seen considerable development in the last 20 years, recently speeded up further by recovery efforts following the Recession.
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