LCOR Secures $49M+ Construction Loan for Mixed-Use Community
- Nov 21, 2013
Montclair, N.J.—LCOR, a fully integrated real estate company specializing in property development, investment and management, has closed on construction financing for its 304,271 sq. ft. mixed-use project at 638 Bloomfield Ave. in Montclair, N.J. LCOR secured a construction loan for more than $49 million from Wells Fargo for the site, which broke ground on November 12.
“638 Bloomfield Ave. presents an extraordinary opportunity to revitalize an underutilized area by extending this walkable community and creating an impressive gateway into the township’s historic downtown business district,” says James Driscoll, senior vice president of development at LCOR. “LCOR has an award-winning history in New Jersey’s suburban market, combined with decades of experience creating contextual, pedestrian-friendly communities. With this prior expertise, we are confident this project will enhance and support the tight-knit community feel that makes Montclair so unique.”
LCOR and The Pinnacle Companies will be redeveloping the land at 638 Bloomfield Ave. into a multi-use property providing a viable mix of new residential, retail and office space, further expanding the walkable area within the vibrant business district in Montclair. This project is located within approximately one mile of two N.J. Transit commuter rail stations with direct service to Midtown Manhattan.
638 Bloomfield Ave., which currently stands as Phase I of the Montclair Center Gateway Development Plan, is comprised of two buildings, which will include a total of 259 residential units, 23,055 sq. ft. of office space, 22,340 sq. ft. of retail space and 571 parking spaces. The intent of Phase II will likely be a build-out of a boutique hotel by The Pinnacle Companies.
The site represents a significant portion of the 4.1-acre Montclair Center Gateway Redevelopment Planning Area. The redevelopment plan was approved in November 2011 by the Township of Montclair accommodating the proposed development in its efforts to implement mixed-use, smart growth redevelopment in its downtown. Phase I is slated for completion in 2015.
Cohen Financial arranges more than $5.4M for acquisition
Phoenix—Cohen Financial, a national real estate capital services firm, today announced that its Phoenix office has secured a $5.47 million acquisition loan for Acacia Pointe, a multifamily property consisting of 208 apartments located at 8344 North 67th Avenue in Glendale, Ariz. The property is well occupied with stable operations.
Brandon Harrington, Cohen Financial managing director, and Matt Steffen, Cohen Financial vice president, both in the Phoenix office, originated the fixed-rate, five-year term loan with a 30-year amortization rate. The lender for Acacia Pointe was Walker & Dunlop, a Fannie Mae lender for multifamily housing. The borrower is a local commercial real estate investor.
“Our client relied heavily on our expertise of agency underwriting parameters to help maximize loan proceeds during a period of interest rate fluctuation,” Harrington says.