Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $24 million in financing for a multifamily property at 1120 East Saint Georges Avenue in Linden, New Jersey. The financing was secured by Joseph Belgiovine, first vice president, based out of MMCC’s New Jersey office. The financing was provided by M&T Realty Capital as part of an ongoing strategic alliance between MMCC and M&T Realty Capital.
“There continues to be strong lender interest in well located and occupied multifamily assets,” said Belgiovine. “While we secured multiple bids from various lender types, the agencies provided the most competitive rates and terms.”
The 10-year loan has an interest-only term of 60 months and a 30-year amortization. The property was built in 2021 and has 113 residential units and 17,900 square feet of retail space. The property also includes a variety of amenities including a clubhouse, fitness center, dog park, bike storage room and rooftop access. The property is within driving distance of Newark and New York City and offers access to a diverse array of local and national retailers including big box chain retail as well as neighborhood grocery retailers and green, outdoor open recreation spaces.