CBRE arranged a $14 million refinancing loan for The Ridgewood Commons, a 66-unit midrise multifamily apartment building at 10 North Ridgewood Road in South Orange, New Jersey.
The loan was arranged through Dana Berlin of Spencer Savings Bank, a community bank headquartered in Elmwood Park, New Jersey.
CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, 10 North Ridgewood Road LLC, in the negotiations.
“After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank at an interest rate well below three percent and a maximum 75 percent loan-to-value on a non-recourse basis,” said Falzarano. “Spencer was an outstanding lender to work with and facilitated a closing in just 30 days.”
Originally constructed in 1938, 75 percent of the building units have been renovated over the past 36 months.