By Joshua Burd
The owner of a four-building, 37-unit apartment property in downtown Morristown has secured $7.2 million in financing, in a newly announced deal by G.S. Wilcox & Co.
The mortgage banking firm, which arranged the debt on behalf of an undisclosed client, said the loan has a seven-year term with 20-year amortization. A correspondent life insurance company provided the financing for the property, which is within walking distance of NJ Transit’s Morristown station and employers such as Deloitte LLP and Sanofi.
G.S. Wilcox Partner Wesley Wilcox, Principal Al Raymond and Associate Producer William Gallagher spearheaded the transaction, adding that the complex is a two-minute drive from Interstate 287 and has quick access to local and regional amenities.
“This asset’s location represents one of the best in downtown Morristown,” Wilcox in a prepared statement. “It was a pleasure working with both the borrower’s and lender’s team to close the transaction.”
