Reynolds Asset Management closes $6.7 Million refinancing of ‘The Vibe’ in Bound Brook, NJ
Bound Brook, NJ — Reynolds Asset Management (Reynolds), a New Jersey-based real estate investment and development firm, in conjunction with its lender, Walker & Dunlop, announced it has successfully refinanced its multi-family commuter-friendly apartments, The Vibe, located in Bound Brook. The refinancing follows a successful lease-up and stabilization of the new construction project, replacing construction debt with long-term stabilized financing.
The Fannie Mae loan, totaling $6,738,000, was issued with a 10-year term and a rate of 5.835%. Reynolds and Walker & Dunlop were able to secure full-term interest-only payment terms for the life of the loan, demonstrating the confidence placed in The Vibe and its potential for long-term success. This favorable arrangement provides ample flexibility for the property’s ongoing operations and financial management.
“We are delighted to have successfully secured long-term financing with favorable terms for The Vibe, especially while operating in a challenging capital market for many borrowers,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “This refinancing deal not only strengthens the financial stability of the property but also empowers us to pursue new growth opportunities and deliver exceptional value to our investors and tenants.”
The Vibe apartment complex houses a mix of 12 one-bedroom and 16 two-bedroom apartments. Each home boasts open floor plans with modern finishes, along with in-unit washers and dryers. Situated just blocks from the Bound Brook Train Station, The Vibe offers direct access to New York City. The property is also home to the WeMa Gallery, a 500-plus-square-foot art gallery, named for its location on West Main Street.
Founded in 2003, Reynolds Asset Management is based in Paramus, Reynolds’ investment and development portfolio includes multifamily, mixed-use, office, and industrial projects in New Jersey, New York, Pennsylvania, Ohio, and Florida, bringing positive change to the communities it touches.