Bergen County and HUDSON, NJ — Allison Villamagna and Andrew Stewart arranged $11.1 million in financing for the 150-unit St. James apartment complex, a series of 15 buildings on a 4.7-acre site. The 10-year financing with a 30-year amortization was structured with extremely flexible prepayment terms as it has a step down prepay in the 1st five years of the term and can be repaid at any time with no premium after the 5th year. In addition, up to 20% of the loan can be repaid in any one year with no prepayment premium.
The subject is a garden-style, 3-story wood frame with brick exterior property originally built in 1962. It is located on Washington Avenue in Bergenfield with NYC express bus service to NYC Port Authority in Times Square at the front of the property. Bergenfield is within 6 miles of NYC and is a densely developed part of Bergen County, NJ. The property has surface and garage parking, many newly renovated units, and on-site laundry services.
Bergen County consistently has some of the lowest multifamily vacancy rates in all of NJ. Although there are some new multifamily properties being built in the area, none of them compete with the subject rents. This property provides well managed and much needed workforce housing at affordable prices.
In Jersey City, Cronheim Mortgage has secured a $7.75 million construction loan for 506 Central Ave., a 25-unit luxury multifamily development with tenant parking and ground floor retail. Janet Proscia and David Turley secured the financing for the client.
The property is positioned in The Heights section of Jersey City. Central Avenue is a primary retail and transit thoroughfare that is convenient for both car and public-transport commuters heading east to Manhattan and all places west.