140 West Webster Ave. in Roselle Park — Courtesy: CBRE
By Joshua Burd
A developer has landed $18 million in bridge financing for a new 57-unit luxury apartment building in Roselle Park, according to a debt placement team with CBRE.
The borrower, The Kontos Group, will use the loan to support its lease-up of what’s known as Veranta after recently completing the property at 140 West Webster Ave. Ladder Capital provided the financing for the mix of one-, two- and three-bedroom homes, which average some 800 square feet, including 51 market-rate and six affordable units.
CBRE debt, equity and structured finance brokers Matthew Pizzolato and Josh Stein sourced the loan on behalf of The Kontos Group and its principals, Chris and Valentino Kontos. They noted that the property, which is steps from NJ Transit’s Roselle Park station, also has 4,000 square feet of ground-floor retail space.
“Ladder Capital was an excellent partner in providing a flexible bridge financing solution for this high-quality, transit-oriented development,” said Pizzolato, a senior vice president with CBRE. “Veranta delivers a well-balanced mix of market-rate and affordable housing in a supply-constrained submarket, and the financing structure allows the sponsor to complete lease-up while positioning the asset for long-term stabilization.”
