CBRE today announced it has secured a $14 million refinancing loan for The Ridgewood Commons, a 66-unit midrise multifamily apartment building at 10 North Ridgewood Road in South Orange, New Jersey. The loan was arranged through Dana Berlin of Spencer Savings Bank, a community bank headquartered in Elmwood Park, New Jersey.
CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, 10 North Ridgewood Road LLC, in the negotiations.
“After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank at an interest rate well below 3.0% and a maximum 75%loan-to-value on a non-recourse basis,” said Ms. Falzarano. “Spencer was an outstanding lender to work withand facilitated a closing in just 30days.”
Originally constructed in 1938, 75% of the building unitshave been renovated over the past 36 months. Apartments are spacious, averaging 1,050 sq. ft., and offer 9-foot ceilings, granite counter tops, stainless steel appliances and hardwood floors. Common amenities include an appointed lobby entrance and climate-controlled storage. The property is within walking distance of the South Orange NJ Transit train station, as well as dozens of restaurants, retailers, entertainment venues and recreation options. The property has had historically high occupancy with a majority of residents living there for many years.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
