In its continued rise as a leader in commercial real estate investment and development, Reynolds Asset Management (Reynolds) announced the closing of a $26 million construction loan from OceanFirst Bank in support of its Orange Valley Apartments project in Orange, New Jersey. The loan, brokered by George Gnad of Lenders Capital, is the largest construction loan in Reynolds’ company history.
“We are extremely proud to partner with Reynolds Asset Management on this exciting new project,” said Michael Coleman, senior vice president at OceanFirst Bank. “OceanFirst strives to partner with talented and driven professionals like Lou Reynolds and Matthew Earl, and to support projects that will have a positive impact on the local community.”
The project site for Orange Valley Apartments is located at 606 Freeman St., a commuter-friendly location in the heart of Orange, New Jersey. When complete, the multi-family development will feature 103 units, covered parking, a roof deck, a gym, a business center and modern-lux finishes. Currently, the project is anticipated to be completed in November 2023.
“We could not be happier to be working with OceanFirst, who share our vision for the community and its residents,” said Lou Reynolds, CEO of Reynolds Asset Management. “Stan Koreyva, Mike Coleman and their team were a pleasure to work with and we look forward to a long-lasting partnership with them. We are proud of the project we put together in Orange, New Jersey, a city we are very bullish on and a property which will set the market for apartments in the area.”