New Jersey Construction Lenders for Commercial Real Estate
A list of private construction lenders for New Jersey commercial real estate development projects, including multifamily, office, retail, industrial, mixed-use, hotels, and others. Ground-up construction financing is a rare offering in private lending. Most lenders will require the developer to have approved building plans. Only a handful of lenders will finance land acquisition and land development.
BridgeInvest, a direct CRE private lending firm, funded a $12,025,000 construction loan for a unique mixed-use property in Cinnaminson, New Jersey. The project includes the redevelopment of a vacant grocery store into 941 self-storage units, and the construction of three adjacent retail outparcels. The loan proceeds will allow the Sponsor to complete vertical construction of a preleased outparcel, complete site work of the remaining two outparcels and finish the self-storage portion of the project. The property benefits from its proximity to Philadelphia and its location along US-130, providing direct access to one of the major north-south thoroughfares in Southern New Jersey. BridgeInvest was able to navigate the legal structuring and underwriting challenges associated with closing a loan on a mixed-use project with ongoing construction. The transaction represents BridgeInvest’s first loan on a self-storage project which was propelled by the Sponsor’s experience in the space and the submarket’s strong demand drivers. This CRE construction loan was funded in July 2021.
Private Construction Loan for New Jersey Multifamily Development
Parkview Financial, a direct private lending firm, provided a $12.5 million construction loan for for the development of a 51-unit apartment project located in Orange, Essex County, New Jersey. The construction commenced with our loan and completion is anticipated for Summer 2022.
The property is situated on .43 acres and will include one, five-story building totaling just over 62,000 square feet. The unit mix will include one- and two-bedroom units that feature engineered hardwood flooring, stainless steel appliances, quartz countertops and in-unit washer/dryers. On-site amenities will offer a resident lounge area, fitness center, rooftop terrace, management office, on-site parking, and Zip Car accessibility. The site is located within a designated New Jersey transit village and is walkable to the South Orange Mountain Avenue train station which provides access to the metro area including Manhattan, and is less than a one-hour commute to New York’s Penn Station. This private construction loan was funded in January 2021.