The Villages at Berlin at 1 Sunrise Road in Berlin — Courtesy: M&T Realty Capital Corp.
By Joshua Burd
Development firm Nexus Properties has landed $73 million in financing for a new 472-unit multifamily property in Camden County, brokers with M&T Realty Capital Corp. announced.
According to the mortgage banking firm, a life insurance company provided the permanent loan in connection with the three-phase project at 1 Sunrise Road in Berlin. The long-term, fixed rate financing, which comes with five years of interest only, replaces a construction loan initially provided by M&T Bank for what’s known as the Villages at Berlin.
John Taylor and Donna Falzarano of M&T Realty Capital Corp. arranged the latest transaction.
“Nexus Properties is a valued long-term relationship of M&T Bank and M&T Realty Capital,” Falzarano said. “We were pleased to offer Nexus so many competitive options, guide a flawless process to closing and introduce an outstanding life company relationship.”
M&T noted that the Villages at Berlin stretches more than 30 acres, while the Lawrenceville-based developer had a running waiting list during the three-phase lease-up. The property is less than an hour from Philadelphia and minutes from Route 130, providing a direct route to the New Jersey Turnpike, Interstate 295 and other thoroughfares.
“M&T Bank and M&T Realty Capital are great partners and have been instrumental in our growth in mixed-use, student housing and multifamily real estate,” said. “M&T Realty Capital has now placed over $200 million in long term financing for our developments, introducing us to several new lenders. We are very pleased with their process of marketing the development, providing lender options and executing to closing.”
