Prior Proper Planning Prevents Poor Performance
Commercial Mortgage Capital (CMC) arranged financing in the amount of $35.5 million secured by Rose Hall, 100 brand new luxury apartments in Madison, NJ. Rose Hall is steps from Madison’s best restaurants and shopping. Close to the Madison Train Station, less than a mile from Rte. 24, providing quick access to Rtes. 78 and 287. The borrower, the KRE Group locked in a low, long-term, self-liquidating loan while construction of this beautiful project was underway. CMC’s life insurance lender locked the rate for this loan in Q3 of 2017. After completion and a predetermined leasing target was achieved, the loan funded in Q3 of 2018. CMC was able to secure this great financing deal before the recent 80+ basis point run up in rates. As rates continue to pressure upward, many of our clients are seeking to lock in today’s rates for a long term loan prior to project completion. Contact CMC today to discuss your project!