Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of three loans totaling $86,000,000 to renovate four oceanfront retail properties in Asbury Park, NJ, and finance apartments and townhomes in Cherry Hill, NJ, and Allentown, PA.
Mark Remington, senior vice president in BWE’s Washington, D.C. office originated the Asbury Park loan, Mike Powell, senior vice president in the New York office, and Kevin Hicks, senior vice president in the Philadelphia office, originated the Cherry Hill loan and Steve Perricone, senior vice president in the Philadelphia office, originated the Allentown loan.
“These deals are emblematic of BWE’s ongoing commitment to support vibrant communities by financing high-quality retail and residential communities,” said DJ Effler, president of BWE. “Our teams are thrilled to work with our partners to renovate and develop waterfront pavilions and housing in New Jersey and Pennsylvania, and we look forward to continuing to be a part of a thriving Mid-Atlantic market.”
The deals are:
· Asbury Park Boardwalk (Asbury Park, NJ), a $26,000,000 loan originated on behalf of the borrower, Madison Marquette, through OceanFirst Bank to renovate four oceanfront pavilions on the iconic Asbury Park Boardwalk—the First Avenue Pavilion, Third Avenue Pavilion, Fourth Avenue Pavilion and Fifth Avenue Pavilion. First Avenue Pavilion offers 25,772 square feet of space and is home to long-time tenants such as Stella Marinia, Cubacan and Watermark. Third Avenue Pavilion is adjacent to the new Asbury Park Ocean Club “Ultra-Luxury” Condo and Hotel and offers 16,810 square feet of space. The Fourth Avenue Pavilion is a to-be renovated structure with 33,240 square feet of space, which is planned as a complementary retail and entertainment space. The Fifth Avenue Pavilion is a recently renovated structure which totals 31,736 square feet of space, including 12,060 square feet of retail, 19,237 square feet of restaurant space and a 7,887-square-foot-terrace.
· 202 Park Apartments (Cherry Hill, NJ), a $40,000,000 life company loan on behalf of the borrower, Montgomery Group, to finance a recently completed 192-unit apartment and townhome community in Cherry Hill, New Jersey. The property offers modern studio, one-, two- and three-bedroom apartments and townhomes with waterfront views of the Cooper River, along with luxury amenities including a resort-style swimming pool, courtyards, rooftop terrace, patio areas with fire pits and BBQ grills, a two-story clubhouse with billiards room, lounge and bar area, fitness center and yoga studio, dog wash station and more. The property is situated near exceptional shopping, transportation and entertainment options, including Cherry Hill Mall, Marketplace at Garden State Park, Patco Station – Collingswood and Camden County Boathouse. The property was in lease-up when the financing closed.
· Cityplace North & South (Allentown, PA), a $20,000,000 insurance company loan to finance the renovation and construction of 204-unit, two-building apartment complex in downtown Allentown, Pennsylvania. The North Building is a renovation/conversion of a hotel into apartments, which opened in early 2020. The South Building is ground-up construction that will be seamlessly integrated into the existing building to form a Class A complex with top of the market amenities. The South building was 100% preleased prior to completion of construction.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.