By Joshua Burd
A bridge lender and Greystone affiliate has provided more than $12 million to refinance a 65-unit, loft-style apartment building in Boonton.
According to a news release, the loan by Greystone Monticello will support what’s known as Packard Lofts, a historic structure at 76 Monroe St. Built in the 1880s and used as a warehouse and distribution center by Packard Car Co., the property has served as housing since an adaptive reuse project in 2019.
Eliav Dan, a senior managing director at Greystone, originated the $12.165 million bridge loan to an undisclosed borrower.
“We are proud to offer solutions such as attractive, nonrecourse bridge-to-agency lease-up financing, enabling our client to ‘one-stop shop’ the loan throughout the lease-up process, and ultimately get on the path to a stabilized agency execution with minimal friction costs,” Dan said.
The firm noted that Packard Lofts includes amenities such as a fitness area, storage, parking spaces and landscaping. A newly completed building on site has 12 units that are reserved for affordable housing as required by New Jersey state law.
“We are thrilled to have worked together on this transaction, which will provide much-needed affordable housing to the Boonton market,” said Eric Baum, head of the multifamily sales desk at Greystone Monticello. “Our collaboration with Greystone ensures a seamless experience for property investors.”
