USA. Jersey Shore luxury property developers gets $69 million from Capmark Finance

Sunday, 13 August 2006

Capmark Finance Inc. has provided $69 million in fixed-rate, permanent financing for a Long Branch, N.J., mixed-use property.

Pier Village is ideally located at 1 Chelsea Avenue on the famed "Jersey Shore." The property is comprised of 320 luxury rental apartments and approximately 100,000 square feet of retail boutique shops and restaurants, as well as a beach club overlooking the Atlantic Ocean. Pier Village is considered one of the Jersey Shore's premier destinations for living, shopping and entertainment.

Senior Vice President John Motzel and Vice President Robert Lipson, both of Capmark Finance's Red Bank, N.J., mortgage banking office, arranged the transaction as a loan eligible for sale to Freddie Mac. The Applied Companies received the financing.

According to Motzel, "We were able to work with Freddie Mac to get comfortable with the capital structure, which included a number of loans from state and local agencies because this project is part of a bigger urban redevelopment zone in Long Branch."

Lipson added, "The project enjoyed early successes, which prompted the developer to incorporate some upgrades to the initial plan. As a result, we worked with Freddie Mac to fund an additional $7 million to cover these improvements."

Last Updated ( Sunday, 13 August 2006 )