Laurel Green’s third phase is located at 203 Ark Road in Mount Laurel — Courtesy: CBRE
By Joshua Burd
A developer has scored nearly $25 million in permanent financing for a new 110-unit apartment community in Burlington County, according to brokers with CBRE.
The lender, MF1, provided the funds in connection with the third phase of what’s known as Laurel Green at 203 Ark Road in Mount Laurel. It’s among the region’s newest luxury multifamily properties, serving as the third piece of a multiphase project near Route 38.
Matthew Pizzolato, Josh Stein and Carlos Silva of CBRE’s debt and structured finance team sourced the $24.7 million loan.
“We are thrilled to be able to secure permanent financing for one of Burlington County’s most impressive new residential communities,” Pizzolato said. “In addition to the reputation of the borrower, demand from the debt capital markets remains strong for well-located multifamily assets backed by experienced sponsors.”
