A new 270-unit garden apartment community in New Windsor, New York — Courtesy: G.S. Wilcox & Co.
By Joshua Burd
G.S. Wilcox & Co. has arranged $43.4 million in financing for a newly built 270-unit apartment complex in Orange County, New York, the Morristown-based firm announced.
The mortgage banking firm said the loan for the developer was provided through an insurance company, which locked the rate early and providing the financing upon breakeven during the lease-up phase. The 90 percent loan-to-cost financing has a 15-year maturity based on a 30-year amortization, with an initial two-year interest-only period.
The loan was secured by a garden-style community in New Windsor, New York, with one- and two-bedroom units, Wilcox said in a news release. The firm did not disclose the address of the development.
All units include a private balcony as well as a full-sized washer and dryer, while the property features amenities including an outdoor heated swimming pool, sun deck, clubhouse with a fitness center and a business center.
Gretchen Wilcox, president, and Al Raymond, principal, arranged the loan. For G.S. Wilcox, the transaction follows the $31.25 million financing of a nearby 160-unit complex, also in Orange County, in late 2016 for the same developer and from the same lender.
