By Joshua Burd
A homebuilder has landed a $29 million bridge loan for a 144-unit multifamily property in suburban Camden County, according to a debt placement team with CBRE.
Brokers involved in the deal represented Fernmoor, the borrower and developer of what’s known as Mi-Place at Brightmoor, in sourcing the financing for the project in Winslow Township. An entity managed by Argentic Investment Management LLC provided the three-year bridge loan, which will be used to refinance the first phase of the planned 312-unit community at 301 Sicklerville Road.
CBRE’s Matthew Klauer and Cassandra Russell spearheaded the assignment.
“No transaction is easy in this economic environment, so I thank CBRE and Argentic for their efforts to get this deal closed,” said Jeffrey Fernbach, president for Fernmoor.
In a news release, CBRE said the initial phase of Mi-Place at Brightmoor consists of six garden-style buildings. The overall development will have a clubhouse, a pool, a fitness center, expansive green space and other amenities.
“Fernmoor created Mi-Place as a brand to raise the level of luxury and quality in the communities it operates in,” Klauer said. “Mi-Place at Brightmoor is another outstanding example of Fernmoor’s capabilities, and we are proud to have collaborated with them and Argentic on this transaction.”
CBRE noted that Fernmoor is a family-owned firm specializing in rental and for-sale homes across New Jersey and Delaware. The firm has received awards from the Shore Builders’ League of New Jersey, the New Jersey Builders Association, the Home Builders Association of Delaware and the National Association of Home Builders.
“We were excited to work with the Fernmoor and CBRE teams to provide financing in a challenging environment,” Argentic’s Loren Berger said.
