Marcus & Millichap Capital Corporation (MMCC) has arranged $24 million in financing for a new-construction multifamily property at 1120 E. Saint Georges Ave. in Linden, NJ. The financing was secured by first VP Joseph Belgiovine and was provided by M&T Realty Capital as part of an ongoing strategic alliance between MMCC and M&T Realty Capital.
“There continues to be strong lender interest in well located and occupied multifamily assets,” said Belgiovine. “While we secured multiple bids from various lender types, the agencies provided the most competitive rates and terms.”
The 10-year loan has an interest-only term of 60 months and a 30-year amortization. The property was built in 2021 and has 113 residential units and 17,900 square feet of retail space. The property also includes a variety of amenities including a clubhouse, fitness center, dog park, bike storage room and rooftop access.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).