November 6, 2020
CBRE secured a $14-million refinancing for The Ridgewood Commons, a 66-unit midrise multifamily apartment building at 10 N. Ridgewood Rd. in South Orange, NJ. The loan was arranged through Dana Berlin of Spencer Savings Bank in Elmwood Park, NJ.
CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, 10 North Ridgewood Road LLC, in the negotiations.
“After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank at an interest rate well below 3.0% and a maximum 75% loan-to-value on a non-recourse basis,” said Falzarano. “Spencer was an outstanding lender to work with and facilitated a closing in just 30 days.”
Originally constructed in 1938, the property is within walking distance of the South Orange NJ Transit train station, as well as dozens of restaurants, retailers, entertainment venues and recreation options.
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Tags: Apartments & Multifamily, Broker, Financing
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