Mark Scott’s Commercial Mortgage Capital (CMC) recently closed $55 million worth of loans with life company correspondents and investment banks.
“The transactions speak to the strength of the tri-state market,” said Scott.
“In addition, office and industrial markets, which have traditionally been more sluggish than multifamily, are also picking up some noticeable momentum.”
CMC arranged a $21 million loan for iPark Hudson Building Three (28 Wells Avenue), a recently renovated 152,149 s/f office/research building located directly at the Yonkers train station.
Major tenants include the City of Yonkers, ContraFect Bioscience and Y Enterprise.
iPark Hudson is a one-million-square-foot mixed-use project located at One Larkin
Plaza, which is part of the revitalized Yonkers Waterfront District.
In addition, Scott arranged an $18 million, long-term, self-liquidating loan for a 400 unit multi-family complex in Parsippany, NJ.
The garden apartment complex consists of 400 units housed in 27 buildings, including 146 one-bedroom apartments, 154 one-bedroom units with dining rooms and 100 two-bedroom spaces.
Also in New Jersey, CMC arranged a $16 million, 10-year self-liquidating loan for a 140,000 s/f single-tenant office building located in Florham Park, NJ, a prime Morris County location.
The office loan was secured at a record low rate of 2.87%.