SK Properties Secures $170M in Construction Financing for New Jersey M-F Portfolio
- Dec 11, 2008
SK Properties has secured more than $170 million in construction financing for three multi-family properties in New Jersey and Pennsylvania.The portfolio includes a high-rise building situated along New Jersey’s Hudson River as well as garden-style apartments located in Pennsylvania suburbs.The company secured a $107 million loan for 225 Grand, a 12 story rental building situated in Jersey City. SK Properties is developing the building in partnership with Applied Development Co. The financing was for a three-year term and placed with PNC Bank, TD Banknorth, Capital One and Commonwealth Bank Group. PNC Bank served as the lead lender in the transaction.Additionally, SK Properties secured construction financing for two rental complexes in Pennsylvania. These included a $46 million loan for a collection of 364 garden-style apartments on Centronia Road in Upper Macungie Township in Lehigh County. Centronia Road Apartments will consist of 26 buildings. Amenities will include a clubhouse and a pool. Capital One served as the lead lender for the three-year loan, with TD Bank participating.And lastly, the firm arranged $17 million in financing for Allenbrook Apartments, a collection of 133 garden apartment homes and recreational amenities in Allentown. The construction loan was for a three-year term placed with Bank of America.“… while market conditions have created significant challenges and major banks have tightened their criteria and guidelines for borrowers, we have a long history of serving as a responsible conduit and continue to originate and construct financing packages that lenders are comfortable with, thereby allowing our residential developments to move forward,” Jamie Block, vice president of finance for SK Properties noted in a release.