Sanz Management is developing The Braddock Apartments, a 135-unit multifamily building at 8619 Bergenline Ave., with amenities such as a penthouse, a rooftop terrace, a fitness center and co-working space, among others. — Rendering by MHS Architecture/Courtesy: HALL Structured Finance
By Joshua Burd
The developer of a new 10-story, 135-unit luxury apartment building in North Bergen has secured nearly $53 million in debt from HALL Structured Finance.
In a news release, the direct private lender said the first lien construction loan commitment will support the project at 8619 Bergenline Ave., known as The Braddock Apartments, which will rise across the street from the 167-acre James J. Braddock Park. Sanz Management is developing the property and plans to include amenities such as a penthouse, a rooftop terrace, a fitness center and co-working space, among others, with one level of below-ground and three levels of above-grade parking, as well as 2,399 square feet of street-level retail space.
The financing package totals $52.5 million, HALL Structured Finance said.
“Sanz Management is a New York City-based, family-owned company with successful restaurants and multifamily projects,” HSF Vice President Brian Mitchell said. “The Braddock is an ideally located Class A project, making it a very attractive development and loan opportunity for us. We continue to be very active in seeking new construction and bridge loans opportunities, primarily in the hotel and multifamily sectors, where we can be aggressive in providing financing for great sponsorship with high-quality and well-located projects like The Braddock Apartments.”
