New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
North River Originates Completion Loan for Long Branch Apartments
North River Partners originated a $31.5-million construction completion loan secured by The Willow at Long Branch, an 87-unit, four-story multifamily complex located in Long Branch, NJ. The borrower was BACC Builders.
Completion of The Willow at Long Branch is slated for the first quarter of 2025. Located at 258 Morris Ave. and 272 Willow Ave., the property will feature 87 one- and two-bedroom units with custom cabinetry, quartz countertops and smart features.
“The Willow at Long Branch is representative of the transactions that we continue to focus on, assisting emerging sponsors in creating housing for undersupplied markets,” said Jeff Rosenfeld, managing partner at North River. “In this case, the Long Branch market continues to suffer from a lack of new supply and a vacancy rate near its all-time low. Projects like the Willow help to course correct that lack of supply and keep rental prices in check.”
- ◦Financing
