1120 East Saint Georges Ave. in Linden — Courtesy: Marcus & Millichap
By Joshua Burd
The developer of a 113-unit apartment building in Linden has secured more than $17 million in financing, in a newly announced deal by Marcus & Millichap Capital Corp.
The firm represented the undisclosed borrower in sourcing the loan, noting that the project at 1120 East Saint Georges Ave. also includes 18,000 square feet of retail space. With the $17.25 million deal now complete, the developer expects to have the building stabilized by the fall.
“COVID negatively impacted the cost structure and progress of this development project like so many others,” said Joseph Belgiovine, vice president of capital markets in Marcus & Millichap’s New Jersey office. “Fortunately, my team and I ran our process and successfully aligned our client with an ideal lending partner who was able to quickly provide total dollars to complete at a critical point of the development process.
“We are proud to have been a part of the collective effort that will see the completion of this mixed-use project as it will serve the city of Linden and its residents well for a very long time.”
