G.S. Wilcox & Co. announced that Gretchen S. Wilcox, president, and Al Raymond, principal, arranged $27 million in financing for a 160-unit luxury apartment project through a life insurance company.
The loan was funded prior to stabilization to finance the Summit Lane Luxury Apartments, a project owned by Fidelco Realty Group and Diversified Realty Advisors.
Located in Newburgh, NY, it consists of a two-story garden-style community with one and two bedroom units.
The loan has a 15-year fixed rate term with an interest-only period, and a 30-year amortization thereafter.
The lender also committed to provide further proceeds at the conclusion of phase two of the project, which is set to add 29 additional units.
According to Wilcox, the project delivers apartments to a market that has not seen new construction in many years
