Mortgage Observer

In Development

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Doug Stern had a real estate dream. In his early 40s, after years in private equity and managing his family’s commercial real estate properties, he longed for a career change and a development project on his own. His mission became clear in Bayonne, N.J., where, he said, he fell in love with the former headquarters of the intimate apparel company Maidenform. Located two blocks from the Hudson-Bergen light rail 22nd Street station, the four-story, 94,000-square-foot brick complex—over 100 years old—was familiar to generations of Bayonne residents, many of whom had worked there until the company moved to Iselin, N.J. in 2007. Mr. Stern saw the potential for the historic, vacant property into a Brooklyn-style 99-unit residential building.

Although he could buy the building, he figured that he needed upward of $20 million in construction financing to redevelop it. Read More