Mark Scott’s Commercial Mortgage Capital has arranged an $8 million construction loan for phase two of Riverbend at Wappingers Falls—at 80 Sterling Drive in Wappingers Falls, N.Y. PNC Bank was the lender on the transaction.
The loan was among a total of $88.9 million that the firm arranged during the first half of 2012. It’s a Libor-based construction loan to the LLC that is building the development and that will subsequently own and manage it. According to the firm, the principals involved are New Jersey developers with a substantial track record building residential and multifamily apartment complexes.
Phase one was completed in early 2009 and contains 10 buildings and a total of 124 units that are currently fully leased.
MSCMC’s founder and principal Mark Scott said in a prepared statement about the $88.9 million in deals that they were in keeping with the firm’s strategy—setting up financing for tristate multifamily.
“These loans speak to our ability to facilitate the proper financing structure for a range of borrowers in an expedited manner,” Mr. Scott said. “We understand the competitive marketplace and offer quick turnaround as well as responsive and professional guidance throughout the entire loan process.”
Some of the other loans included a $14 million construction loan for Edgewater Harbor, in Edgewater, N.J.; a $14.2 million permanent loan for Andrew’s Corner in Lakewood, N.J.; a $7.8 million permanent first mortgage for Columbia Court in Springfield, N.J.; a $5.5 million permanent first mortgage for a 148-unit multifamily property in Camden County, N.J.; and a $9.5 million first mortgage for Parsippany’s Dartmouth Village Apartments.
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