NEW JERSEY—Mark Scott’s Commercial Mortgage Capital (CMC), a real estate finance firm that arranges permanent, construction and mezzanine loans for a range of commercial properties, has closed $88.9 million worth of loans during the first six months of 2012. Within those loans were several New Jersey-based financing, totaling more than $60 million.
New Jersey loans closed include:
• The $14 millionloan for Edgewater Harbor in Edgewater. Mark Scott arrange a construction loan for a specialty real estate development and investment firm that focuses on the redevelopment of corporate and industrial sites. The loan will finance the construction of Building F at Edgewater Harbor, a 24-acre, mixed-use project on New Jersey’s Gold Coast. The five-story building anchoring Edgewater’s Main Street contains approximately 9,647 sq. ft. of ground-floor retail and four stories of 52 residential units.
• The $14.2 million permanent loan for a partnership consisting of New Jersey developers for Andrew’s Corner, a six-building, 148-unit apartment community located at 1 Lisa Robyn Circle in Lakewood.
• The $9.5 million self-liquidating first mortgage loan for Dartmouth Village LLC’s Dartmouth Village Apartments in Parsippany. The borrowing entity is largely comprised of family-led owners of single and multifamily homes in New Jersey. The Dartmouth Village garden apartment complex consists of 222 units housed in eight buildings, including 38 one-bedroom apartments, 130 one-bedroom units with dining rooms and 54 two-bedroom spaces.
• The $7.8 million permanent first mortgage loan for Columbia Court, which is owned and managed by a New Jersey family partnership. The financing is for apartment complex Columbia Court, located on 50 Maple Avenue, consisting of two adjoining, three-story buildings containing 74 units.
• The $5.5 million permanent first mortgage loan for a 148-unit apartment complex in Camden County, which is 12 miles southeast of Center City Philadelphia.