The Kalikow Group, the fourth-generation, New York development and management company based in Westbury, NY, has closed on a $25.5 million bridge loan to refinance Grace Park mixed-use community located in Morrisville, NC.
The lender is Arbor Realty Trust, Inc., located in Uniondale, NY. Precise financial terms were not disclosed.
“Grace Park has been a terrific success story for us, and we are proud of having created a wonderful destination for young professionals and families to live, work and play,” said Ed Kalikow, president of The Kalikow Group. “This strategic refinance will help ensure we can continue to provide various upgrades and improve the property for all residents.”
Ivan Kaufman, Chairman and CEO, Arbor Realty Trust, said, “Working together with a valued repeat client, we were very pleased to provide critical interim financing for a vibrant workforce housing community until a permanent agency execution can be secured.”
Constructed in 2007 and billed as the area’s premier urban-style village, Grace Park is comprised of modern apartments located above retail shops.
The walk-up private entry brownstones offer two stories of luxury appointments and up to 14 ft. ceilings. Restaurants, pharmacies, grocery stores, nightlife, gym and other services are all within walking distance or on site.
Current commercial tenants include Edward Jones, Starbucks, Anytime Fitness and Jersey Mike’s.