CBRE Arranges $14M New Jersey Refi
- Nov 05, 2020
CBRE has secured a $14 million loan for the refinancing of The Ridgewood Commons, a 66-unit community in South Orange, N.J. First Vice President Donna Falzarano and Executive Vice President James Gunning sourced the mortgage, working on behalf of the owner. Spencer Savings Bank’s Dana Berlin provided the loan.
The new loan retires two existing CMBS loans provided by Berkadia in 2012 and 2016, according to Yardi Matrix. The Ridgewood Commons last traded in 2007, when Waverly Properties sold the asset for $12.1 million to the current private investor.
The property sits at 10 N. Ridgewood Ave., near Cameron Park and the South Orange Avenue retail corridor. The South Orange NJ Transit station are within walking distance, and the 2,110-acre South Mountain Reservation is a mile away.
Built in 1938, the community offers studio, one-, two- and three-bedroom apartments. The owner renovated three-quarters of the units during the past three years. Community amenities include climate-controlled storage and laundry facilities, according to Yardi Matrix.
Earlier this year, CBRE represented the seller in the trade of The Villages at Westford, a 245-unit community in Raleigh, N.C. Eaton Vance purchased the asset from a joint venture for $55 million.