The Ridgewood Commons at 10 North Ridgewood Road in South Orange — Courtesy: CBRE
By Joshua Burd
The owner of a 66-unit apartment building in South Orange has refinanced for $14 million, brokers with CBRE announced Wednesday.
The real estate services firm represented the borrower, 10 North Ridgewood Road LLC, in sourcing the financing for The Ridgewood Commons property at 10 North Ridgewood Road. Dana Berlin of Spencer Savings Bank led the origination team.
“After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank at an interest rate well below 3 percent and a maximum 75 percent loan-to-value on a non-recourse basis,” said CBRE’s Donna Falzarano, who completed the assignment alongside James Gunning. “Spencer was an outstanding lender to work with and facilitated a closing in just 30 days.”
Originally built in 1938, The Ridgewood Commons features apartments averaging 1,050 square feet, CBRE said. The firm also noted that 75 percent of the units have been renovated over the past 36 months.
The property is within walking distance of NJ Transit’s South Orange train station, as well as dozens of restaurants, retailers, entertainment venues and recreation options.