Plans for Orange Valley Apartments, a 103-unit apartment building at 606 Freeman St. in Orange, call for covered parking, a roof deck, a gym, a business center and modern luxury finishes. — Courtesy: Reynolds Asset Management
(Editor’s note: This story was updated Tuesday, March 15, with additional information from Reynolds Asset Management.)
By Joshua Burd
The developer of a 103-unit luxury apartment building in Orange has landed more than $26 million in construction financing, in a deal arranged by Lenders Capital Realty Services.
According to George Gnad, president of the debt and capital advisory firm, the loans to Reynolds Asset Management include a $22.65 million first mortgage and a $3.475 million second mortgage. Proceeds will support the borrower’s project at 606 Freeman St., which is slated for completion in late 2023.
“It was great to work with Lou Reynolds again,” Gnad said, referring to the firm’s founder. “His partner Matthew Earl did a super job on quarterbacking this transition.”
In a separate announcement, Reynolds said the transaction marked the largest construction loan in its history. OceanFirst Bank provided the financing.
“We are extremely proud to partner with Reynolds Asset Management on this exciting new project,” said Michael Coleman, senior vice president at OceanFirst Bank. “OceanFirst strives to partner with talented and driven professionals like Lou Reynolds and Matthew Earl, and to support projects that will have a positive impact on the local community.”
Reynolds said its plan for what’s known as Orange Valley Apartments calls for covered parking, a roof deck, a gym, a business center and modern luxury finishes.
“We could not be happier to be working with OceanFirst, who share our vision for the community and its residents,” said Lou Reynolds, CEO of Reynolds Asset Management. “Stan Koreyva, Mike Coleman and their team were a pleasure to work with and we look forward to a long-lasting partnership with them. We are proud of the project we put together in Orange, New Jersey, a city we are very bullish on and a property which will set the market for apartments in the area.”
