Livingston, NJ – Mark Scott’s Commercial Mortgage Capital (CMC), a leader in real estate finance that arranges permanent, construction and mezzanine loans for a wide range of commercial properties including multifamily, office, retail, industrial and healthcare facilities primarily in New York, New Jersey and Connecticut, announced that it recently closed a three-year, $23-million loan construction loan for a four-building luxury apartment complex located in Bordentown, NJ.
The property, which has been named Rivergate, will feature four-story apartment buildings containing 159 luxury units. Three of the four buildings will be equipped with an elevator and there will be 16 under-building garages and 40 free-standing garages. The complex will also boast an outdoor resort style swimming pool, state-of-the-art fitness center and an exclusive clubhouse. Construction has commenced, with an anticipated completion date of 12 to 18 months.
Rivergate is part of the Bordentown Waterfront Community Development, which will include a mix of residential and commercial uses on approximately 100 acres. On the residential side, there the community will feature a total of 358 apartment homes, 118 loft homes, 120 manor townhouses and 52 townhouses. There will also be 31,400 square feet of commercial property and additional restaurant and office uses. When completed, the community is projected to be the location of at least 75 employees and 648 households. The Bordentown Waterfront Community also has plans to reconstruct the Light Rail System, which includes a station at the entrance to the community.
The site is surrounded by the Delaware River and Crystal Lake, easily accessible public transportation and a major highway network. Bordentown boasts a lively downtown of boutiques, restaurants, cafes and galleries. Other retail options are located on US 130, including three regional malls located within a 20-minute drive of the development site.
“With interest rates likely to escalate, borrowers remain eager to lock in loans at today’s low rates,” said Mr. Scott. “Now is the time for borrowers to take a hard look at what makes the most sense for their bottom line and to recast, unwind, extend or rebind their loans into new 10- to 15-year term loans. Several large lenders have not hit their targets and are still aggressive, while others have hit their goals and are raising spreads.”
Mark Scott’s Commercial Mortgage Capital
Since its inception in 1996, Mark Scott’s Commercial Mortgage Capital (CMC) has been a leader in real estate financing - arranging permanent, construction and mezzanine loans for a wide range of commercial properties including multifamily, office, retail, industrial and healthcare facilities primarily in New York, New Jersey and Connecticut. During this time, Mr. Scott has personally arranged over $3.7 billion of debt and equity financing. He understands the competitive marketplace and offers quick turnaround as well as responsive and professional guidance through the entire loan transaction. Mr. Scott can be reached at 973.716.0006 or [email protected].