September 25, 2019
An affiliate of Mosaic Real Estate Credit has provided Skyline Development Group with $55.5 million in construction financing for Churchill Tower, a 70-unit luxury condominium development on the Hudson River waterfront in North Bergen, NJ. A portion of the proceeds from Mosaic’s five-year loan was used to refinance the existing acquisition loan.
As home buyers continue to be priced out of Manhattan and Brooklyn, households in Bergen County with incomes in excess of $200,000 are expected to grow substantially over the next five years, which bodes well for the luxury condo market, said Alex Ovalle, managing director and head of originations at Mosaic.
“The sponsor has had success developing similar projects within this submarket, and our capital will allow them to create a best-in-class condo project in a very desirable condo market with very little developable land,” said Ovalle.
The financing was arranged jointly by JBA Equities and NMK Companies.
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