The Station at 4901 Bergenline Ave. in West New York — Courtesy: AIRN Management LLC
By Joshua Burd
AIRN Management has landed $32 million in construction takeout financing for its new 97-unit multifamily property in West New York, according to the lender in the deal.
Ease Capital, a Manhattan-based firm, announced the loan while noting that The Station at 4901 Bergenline Ave. has reached 99 percent occupancy in less than nine months. It added that AIRN Management has attracted a grocery chain to anchor the 10-story property’s retail portion, providing another amenity to tenants and long-term stability to investors.
“We are excited to provide senior financing to the team at AIRN who has done a phenomenal job on the construction and lease-up of The Station,” said Charlie Oshman, co-founder of Ease Capital. “Ease was able to tailor a flexible financing solution to support AIRN’s business plan to pay-off their existing construction loan and fully stabilize the asset.”
Barclay Lynch, head of loan originations with Ease Capital, originated and structured the two-year, full-term interest-only, nonrecourse debt. Mark Elletson of Maidstone Advisors represented the borrower and arranged the financing.
“We are extremely pleased with the performance of The Station and excited about our partnership with Ease Capital,” AIRN Management CEO Rick Budd said. “Ease was able to provide an accretive financing solution that offered the optimal structure for the execution of the next phase of our business plan for this well-positioned property.”
The Secaucus-based developer launched leasing last summer at The Station, whose West New York location places residents near Weehawken, Union City and Hoboken. Renters are also steps from mass transit and have access to amenities such as a lounge with coworking space, a modern fitness center and an expansive rooftop with New York City skyline views.
AIRN Management hits 80 percent leased mark at new 97-unit West New York rental project
