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Phase II of The Pearl Gets Construction Financing

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.

By Steve Lubetkin | Updated on May 18, 2015

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.

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