Station Square at Fanwood at 1 2nd St. in Fanwood — Courtesy: Commercial Mortgage Capital
By Joshua Burd
The owner of a newly completed, 35-unit apartment building in Fanwood has refinanced for $11 million, in a transaction arranged by Commercial Mortgage Capital.
In a news release, the real estate finance firm said Des Moines, Iowa-based Principal Financial Group provided the permanent financing for Station Square at Fanwood. CMC noted that the borrower took advantage of historically low rates and locked in a long-term solution for the property, securing a 10-year, fixed-rate loan at below 4 percent.
Located at 1 2nd St., a block from NJ Transit’s Fanwood station, the complex is fully leased.
“CMC has had a long-term relationship with Principal and (we) were able to customize and secure a satisfactory loan for our client,” said Mark Scott, CMC’s president. “We pride ourselves in delivering effectively for our clients.”
