Llenrock Group closes on $35 million permanent financing for Trenton Roebling Steel factory lofts
TRENTON, NJ — Llenrock Group, an independent real estate finance and advisory firm, is pleased to announce it has secured $35 million in financing for the redevelopment of the old Roebling Steel factory on Clark Street in Trenton, NJ which will be converted into luxury loft apartments. The space will be converted into 138 lofts, a project being developed by HHG Development Associates, LLC. Llenrock Group worked to provide HHG Development with a $16.3 million construction to permanent loan, a $6.3 million historic tax credit bridge loan, and a $11.5 million New Jersey ERG bridge loan. Additionally, Llenrock Group assisted the Sponsor in the facilitation of the sale of tax credits to an accredited investor.“It was a pleasure to work with our innovative sponsors,” said Tim Deegan, Director of Capital Markets at Llenrock Group, who spearheaded the transaction. “Their vision for the transformation of Trenton was inspirational.”“This project represents a turning point for Trenton. The collaborative effort of everyone involved is a testament to everyone’s belief and support in this project,” said Deegan.The project is the first phase of a six-building mixed-use redevelopment of the Roebling Steel complex. The Roebling Lofts are located across Route 129 and the Sun Bank Arena with a NJ Transit light rail station on-site. Construction on Roebling Lofts starts February 1st and should be completed by the first quarter of 2017.