Robert Weiss, of Weiss Properties, received a $46.575 million loan for The Avery, a growing townhome community at 10 Lincoln Square in Willingboro, NJ. The project will total 450 units upon completion.
Shaya Ackerman of Eastern Union Funding brokered a revolving $40 million construction loan with an additional $6.575 earn-out.
Construction will span four phases, and Ackerman negotiated a structure allowing each completed phase to automatically convert to a full permanent loan.
Provided by Investors Bank, the loan features an interest rate of 4.5 percent, with the perm loan portion set at 3.5 percent with a seven-year term and 30year amortization schedule.
Ackerman previously arranged two separate perm loans for the first phases of the project, one in November 2013 and another the previous summer.
Those deals provided $11.5 million and $11.1 million respectively, each covering the construction of 72 units. These 144 units are now fully occupied.
“This deal was the natural extension of the initial debt, and with Ackerman’s unique structure we wrapped the remainder of the project into one facility which addresses both construction and permanent financing,” Weiss said. “This was truly a custom suit on Madison Avenue.”