EDGEWATER, NJ—Mark Scott's Commercial Mortgage Capital has arranged $12.5 million in construction financing for Phase II of The Pearl, a 63-unit luxury condominium project on New Jersey's Gold Coast in Edgewater, NJ. The financing was arranged with CIT on behalf of National Resources.
“This was a low loan-to-value (LTV) loan, and the borrower had a low basis in the property. This was a credit-worthy borrower with a track record of successful development,” Scott, founder and principal of Mark Scott's Commercial Mortgage Capital, tells GlobeSt.com exclusively. “Additionally, this financing is the second phase of development, with the first phase almost completely sold out.
Located on Edgewater Harbor at 45 River Road in Edgewater, NJ, The Pearl is already 50% sold. The new condominiums will offer panoramic views of the Hudson River and New York City skyline, and feature 10-foot ceilings with full-height windows, high-end natural finishes, sustainable energy systems, and an array of five-star amenities including 24-hour concierge service, state-of-the-art fitness center, outdoor heated pool with views of Manhattan, exclusive rooftop deck, restaurants, shops, and riverside parks.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
