Ease Capital Provides $32M Takeout Construction Loan on N.J. Apartments
By Andrew Coen April 18, 2024 10:58 am
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Airn Management has inked $32 million of construction takeout financing for a newly opened multifamily property in New Jersey, Commercial Observer has learned.
Ease Capital, a tech-focused multifamily lending platform launched last year, supplied the two-year, interest-only loan to fund Airn’s lease-up and stabilization of The Station apartments in West New York, N.J. Barclay Lynch, head of loan originations at Ease, originated and structured the nonrecourse debt transaction.
Maidstone Advisors’ Mark Elletson arranged the financing.
“Ease can be highly competitive while maintaining flexibility for bridge-off-construction and bridge-to-perm deals giving borrowers the best combination of terms that align with their business plan to stabilization,” Charlie Oshman, co-founder and CEO of Ease Capital, said in a statement.
Oshman co-founded Ease with fellow proptech veterans Ryan Simonetti and Memo Sanchez before forming a $450 million partnership with Taconic Capital Advisors.
Located at 4901 Bergenline Avenue just north of Hoboken, The Station comprises 97 apartments and one commercial unit. Property amenities include a resident lounge with coworking space, a fitness center and a rooftop with New York City skyline views.
The property achieved 99 percent occupancy nine months after its opening last summer, according to Airn. The company also recently signed an unnamed grocery store chain for the retail portion of the building.
Airn CEO Rick Budd said Ease’s loan provides an “optimal structure” that will help with the “execution of the next phase of our business plan for this well-positioned property.”
Andrew Coen can be reached at acoen@commercialobserver.com
