BALTIMORE, MD - M&T Realty Capital Corporation has arranged financing in the amount of $21,500,000 secured by Lumber House apartments, a 46-unit, luxury mid-rise apartment community located in Jersey City, NJ. After building completion in September of 2021, Lumber House was fully leased in under 60-days. Lumber House offers an outstanding amenity package and is located adjacent to Riverview Park within walking distance of the 2nd and 9th Street Stations of the Hudson-Bergen Light Rail System.
After a thorough marketing effort, the non-recourse loan was placed through a local bank at a very aggressive interest rate. Strong renter demand, a highly experienced borrower and the transit location were all important considerations for lenders. The transaction was led by Senior Managing Director John Taylor and Managing Director Donna Falzarano of M&T Realty Capital Corporation’s Florham Park, NJ office, in collaboration with M&T Bank Commercial Senior Relationship Manager Colleen Foy.
M&T Realty Capital Corporation is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate, including multifamily, office, industrial, retail, hospitality, healthcare facilities, and student, senior, and military housing. The firm has a broad network of institutional life insurance company investors as well as numerous relationships with other capital sources including balance sheet lenders, debt funds and CMBS debt providers.