NEW JERSEY—Eastern Union Commercial reports it has experienced a 150 percent increase in loan closings in the second quarter of 2012 compared with the second quarter of 2011. These loans include several closed in New Jersey.
Notable loans that took place in the second quarter of 2012 in the Garden State include:• An $8.8 million loan to refinance a 166-unit multi-family portfolio in Orange and East Orange. The seven-year financing was arranged by Arbor Bank at 3.9 percent.
• An $8.5 million loan package to refinance a mixed-used portfolio in northern New Jersey that included 73 multifamily units and six commercial units. The loan was financed by Signature Bank at 3.875 percent, 4.375 percent and 5.5 percent.
• A $7 million loan to refinance a medical office building in Tom’s River. The seven-year financing, with a three-year option, was arranged by Peapack Gladstone Bank at 3.95 percent.