445-461 Livingston St. in Norwood — Courtesy: JLL
By Tina Traster
JLL has arranged $10 million in refinancing for a recently completed, 30-unit apartment building in the Bergen County borough of Norwood.
Known as The Grande at Norwood, the 41,463-square-foot property at 445-461 Livingston St. is a collection of one- and two-bedroom homes with high-end finishes and appliances, plus two ground-floor retail spaces that will be occupied by a dentist office and a restaurant. JLL’s Gregory Nalbandian led the team representing the borrower, Maxim Realty Trust, to secure a 10-year, fixed-rate loan through Valley National Bank.
In announcing the deal, the broker noted that the property is accessible from Route 9W and the Palisades Interstate Parkway, while it’s 10 miles to the Tappan Zee Bridge and 14 miles to the George Washington Bridge.
“Valley provided the initial construction loan through JLL and stepped up very aggressively to retain the 10-year fixed rate loan,” Nalbandian said. “Our client received a very significant cash out while locking in a very low rate upon executing the application before the runup in treasuries. Other economic benefits included an interest only period and excellent prepayment flexibility.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
