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CMC Closes $51.5M in Multifamily Financings

NEW JERSEY—Commercial Mortgage Capital (CMC) has closed three deals for a total of $51.5 million worth of multifamily financing.

“We are pleased to announce our latest commercial mortgage capital transactions, which highlight the continued strength of the multifamily market in the tri-state region,” said Mark Scott, founder and principal of CMC. “Transactions for top-quality assets in regions such as New Jersey, New York and Connecticut are currently experiencing lower loan-to-value ratios and looser lending structures.”

Two recent loans were closed on behalf of assets located in Woodbridge, N.J. The first was a $20 million permanent loan to finance a 16-building, 256-unit, renovated multifamily complex in close proximity to Woodbridge Plaza Center and Woodbridge Center Mall. The property is also located in close proximity to public transportation.

In the second loan, a $15 million first mortgage refinancing was arranged for a 24-building, 401-unit garden apartment complex that includes 269 one-bedroom units, 125 two-bedrooms and seven three-bedroom duplexes. The property is located in close proximity to the Garden State Parkway, New Jersey Turnpike, Interstate 287 and Routes 1 and 9.

Finally, CMC arranged a $16.5 million construction loan for a four-story, 60-unit luxury apartment building located in Sleepy Hollow, N.Y. The property, located on the waterfront, will include an 888-sq.-ft. lobby and 32 single bedroom units with a den, four two-bedroom units, 20 two-bedrooms with a den units and four three-bedrooms. The area offers access to the Tarrytown train station, Interstate 287 and the Tappan Zee Bridge.

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