CIT Funds Edgewater, N.J., Condos
CIT Real Estate Finance has provided $12.5 million in construction financing to National Resources, the developer of The Pearl, on New Jersey’s so-called Gold Coast.
The funds are for Phase II of the project, which will hold 63 residential condominiums.
The luxury project, on Edgewater Harbor, is already 50 percent sold, according to a representative for the broker, Commercial Mortgage Capital.
“The continuing demand for residential property in this high barrier-to-entry market, together with a strong economic climate, enabled us to secure competitive rates and terms for construction of Phase II of The Pearl,” said Mark Scott, founder and principal of Commercial Mortgage Capital, via the representative. “With constrained supply and little new product on the horizon, lenders continue to compete for prime multifamily properties, and the lender recognized the quality of the asset and the creditworthiness of the borrower.”
The condos will boast 24-hour concierge service, a gym, an outdoor heated pool with views of Manhattan, a roof deck and restaurants.