840 Nottingham Way in Hamilton — Courtesy: Lenders Capital Realty Services
By Joshua Burd
The owner of an industrial property in Hamilton has refinanced the asset for $18.4 million, in one of two deals announced by Lenders Capital Realty Services.
The advisory firm on Tuesday said it represented Joseph Nitti, managing partner of Commercial Realty Partners, in securing the loan for 840 Nottingham Way. An undisclosed lender provided the debt in connection with the property just east of the Trenton border, less than a mile from Route 1.
“We are delighted to have closed this five-year term loan for Joe Nitti,” said George Gnad, president of Lenders Capital. “It was great to work with him, Rob Benacchio, his general counsel, and CFO Kirk Citsay.”
In the second deal, Lenders Capital and Uday Shah of Next Teir Capital advised Reynolds Asset Management in closing an $11.1 million land development loan, working on behalf of CEO Lou Reynolds and Matthew Earl, the firm’s chief operating officer.
“Finding a bank to close a land development loan was very difficult in this or any market for that matter,” Gnad said. “Lou and Matt are now able to begin the process of developing an 84-acre, Cape Coral, Florida, site into 1,337 multifamily units.”