Hall Structured Finance Lends $53M on New Jersey Multifamily Development
By Andrew Coen March 2, 2023 1:32 pm
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Sanz Management has nabbed $52.5 million of construction financing for its planned multifamily development in northern New Jersey, Commercial Observer has learned.
Hall Structured Finance (HSF) supplied the floating-rate loan for Sanz’s 135-unit The Braddock apartment project in North Bergen, N.J., Colliers (CIGI) announced Thursday.
Colliers’ Peter Nicoletti, Dylan Kane and Zach Redding arranged the transaction.
Kane said that HSF starting on the development side of commercial real estate before transitioning to become a nonbank lender enabled it to provide flexible terms for the deal.
“This is someone who can seamlessly take over projects when needed,” Kane said. “That extra comfortability allows them to get more aggressive than the competition and to be a little bit more flexible on some of the more finer points in the loan docs.”
Located at 8619 Bergenline Avenue, The Braddock will consist of 135 rentals, a 152-space parking garage and more than 3,700 square feet of private outdoor space, according to Colliers. The 11-story building will also include 2,400 square feet of retail space along with resident amenities including a rooftop lounge, business center, cafe and fitness center.
“The Braddock is an ideally located Class A project, making it a very attractive development and loan opportunity for us,” Brian Mitchell, vice president of Dallas-based HSF, said in a statement. “We continue to be very active in seeking new construction and bridge loans opportunities, primarily in the hotel and multifamily sectors, where we can be aggressive in providing financing for great sponsorship with high quality and well-located projects like The Braddock Apartments.”
The property’s location across from a bus stop that can transport commuters to Manhattan should prove attractive to prospective tenants, Kane said. The first three floors of the complex will be designated for parking, which Kane said will enable all residents to have views of the Manhattan skyline. He added that New Jersey’s so-called “Gold Coast” — a 19-mile stretch along the west bank of the Hudson River — has experienced an 11 percent population growth over the past decade.
“Every lender that looked at this deal really liked the location and the submarket,” Kane said. “We think that this whole strip when you look out 10 to 20 years from now is going to be filled with assets just like this, and this will be a first mover, and they’ll get to enjoy some of the first tenants and the expansion and the population growth that we’re seeing in North Bergen.”
Officials at Sanz did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
