A rendering of Highland Park, a planned 138-unit apartment building in Orange — Courtesy: Lenders Capital Realty Services
By Joshua Burd
A developer has secured a construction loan and equity for a new 138-unit apartment building in Orange, in a set of newly announced deals by Lenders Capital Realty Services.
George Gnad, the advisory firm’s president, closed both transactions on behalf of Peek Properties for the borrower’s ground-up, midrise project known as Highland Park. The development is moving ahead with the help of the $26 million construction loan and $7.5 million in limited partnership equity.
According to the developer’s website, Highland Park will include a mix of studio, one-bedroom and two-bedroom apartments one block from NJ Transit’s Highland station. Amenities will include a tenant lounge and a gym.
Gnad also recently closed $13 million in permanent financing for a 27-unit multifamily property at 137 Bayard St. in the Greenpoint section of Brooklyn.
