Real Estate Weekly
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Debt & Equity

CBRE secures $14M for Jersey apartment refi’

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.

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