NEW JERSEY—Livingston-based Mark Scott’s Commercial Mortgage Capital (CMC), a real estate finance company that arranges permanent, construction and mezzanine loans for a variety of commercial properties, has closed $47.5 million worth in loans for the month of August.
“We are pleased to announce our latest Commercial Mortgage Capital transactions, which support our strategy of arranging financing for multifamily real estate projects in the Tri-State region,” said Mr. Scott, Founder and Principal of CMC. “These loans speak to our ability to facilitate the proper financing structure in an expedited manner. We understand the competitive marketplace and offer quick turnaround as well as responsive and professional guidance throughout the entire loan process.”
Among these transactions are:
• A $27 million loan to finance the second phase of construction at Sterling Parc, a multifamily complex located in Middletown, N.Y. The financing, obtained through PNC Bank, allows for the construction of an additional 120 units and 17,652 sq. ft. of retail space at the Sterling Properties of New Jersey-owned property.
• A $17.5 million loan for 152,000 sq. ft. of office space in Yonkers, N.Y., which is currently in the midst of a revitalization program.
• A $3 million first mortgage refinance of a 109-unit high-rise apartment building located on Broad Street in Elizabeth, N.J., which consists of 12 studio apartments, 73 one-bedroom and 24 two-bedroom units. The financing was obtained through AEGON USA Realty Advisors.