Commercial Mortgage Capital Arranges $20M Construction Loan for Condo

Commercial Mortgage Capital closes a $20 million construction loan for the Pearl condominium in Edgewater, N.J.; Starlight buys 312 units in Houston; and CBRE/New England provides $4.2 million for an acquisition in Massachusetts.

Edgewater, N.J.—Mark Scott’s Commercial Mortgage Capital (CMC) announced that it recently closed a $20-million senior secured construction loan for Phase 2 of the Pearl condominium in Edgewater, N.J. CMC also previously arranged a $35-million Phase 1 loan for the project, which is now more than 50 percent sold.

Located at 45 River Road in Edgewater, the Phase 2 property is a vacant five-story commercial building, which will be converted into a six-story residential property comprised of 63 for-sale ultra-luxury condominium units.

Originally designed by world-renowned architects Skidmore Owings & Merrill for Lever Brothers in 1953, the Pearl is being transformed by Lessard Design Associates and Alan Tanksley Interiors to include full-height windows, the finest natural finishes and the latest sustainable systems, as well as panoramic Hudson River views.

The Pearl’s five-star amenities were thoughtfully designed, with a swimming pool that faces Manhattan, a state-of-the-art fitness center, exclusive rooftop deck and elegant restaurants and shops, as well as riverside parks.

Canadian fund buys 312 units in Houston

Houston—Starlight U.S. Multi-Family (No. 3) Core Fund, a Toronto-based multifamily investor, has agreed to acquire Yorktown Crossing, a 312-unit Class A, garden-style asset located in northwest Houston at 15903 Yorktown Crossing Parkway.

The 2010-built community features 13 three-story walk-up buildings on a 12.2-acre site. Occupancy in early August stood at 96.8 percent. Amenities include a fitness center, media room, swimming pool, business center, fireplace, barbecue grilling area and a putting green.

Greystar Real Estate Partners will remain the property manager. The purchase price is approximately $35.2 million. The sale is expected to close on or about August 28.

CBRE/NE provides $4.2M for Massachusetts acquisition

Worcester, Mass.—CBRE/New England’s Capital Markets team has arranged $4.2 million in acquisition financing for the purchase of Park Plaza Apartments, a 90-unit community located at 507 Main Street in Worcester, Mass. The buyer, Main Five Zero Seven LLC, is an affiliate of Advanced Realty Management. The purchase price, which included a parking lot, was an even $5 million.

CBRE/NE’s first vice president of Multi-Housing Debt & Structured Finance, John Kelly, worked on behalf of the buyer to secure the financing.

“We are very pleased to have facilitated the financing for this transaction on behalf of our longstanding client,” Kelly says. “We were able to work with one of our local banking partners to arrange acquisition financing on a tight timeline. A commitment was issued within two weeks and the transaction closed inside of 30 days from start to finish.”

The apartment community is 11 stories tall and has five street-level retail units. The property was built circa 1885 and was renovated in the 1970s.