September 30, 2019
Avison Young New Jersey arranged a $4-million construction loan for the development of a mixed-use multifamily rental building at 45 Spring St. in Princeton, NJ.
George Gnad, a principal in Avison Young’s Capital Markets Group, secured the financing on behalf of the borrower and ownership group for the property, Nelson Spring LLC. The financing will allow Nelson Spring to build Nelson Glass House, a 10,000-square-foot, four-story property consisting of three floors of multifamily space atop an existing ground-floor commercial structure.
“The lender was able to provide the most attractive terms and close in a short time-frame, which allows the sponsor to proceed with this high-quality development project without delay,” Gnad said. “Princeton’s residential market is very tight and is experiencing high demand, which made this opportunity appealing to a range of lenders.”
Nelson Glass House will be located in downtown Princeton, within walking distance of Princeton University.
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