A proposal by 40 South Avenue Investors LLC would bring 24 new apartments and retail space to a site near the Fanwood train station, as depicted in this rendering. — Courtesy: Commercial Mortgage Capital
By Joshua Burd
A developer has landed a $6.4 million construction loan for a project that would bring 24 new apartments and retail space to Fanwood, according to Commercial Mortgage Capital.
Mark Scott, president of CMC, sourced the debt on behalf of borrower 40 South Avenue Investors LLC, the firm announced. ConnectOne Bank provided the financing, which will support the proposed 33,0000-square-foot, three-story building at 40 South Ave. near the borough’s train station, reportedly at the former site of the Il Sogno restaurant.
Plans call for four of the 24 rental units to be priced for lower-income renters, CMC said. The retail space will occupy 1,600 square feet across two units, while the site will also have 27 parking spaces.
