The Opus Apartments, a new 49-unit project, is located on Ridge Road in North Arlington — Courtesy: NorthMarq
By Joshua Burd
The developer of a 49-unit apartment building in Bergen County has secured more than $13 million in financing, in a deal arranged by NorthMarq.
The advisory firm said the transaction follows the construction of The Opus Apartments, located on Ridge Road in North Arlington. Verus Commercial Real Estate Finance is providing the $13.275 million bridge loan, which was structured with a two-year term.
“The New Jersey apartment market continues to be strong and this first-class building will serve the growing need for young professionals in this market,” said Robert Ranieri, a senior vice president and managing director of NorthMarq’s office in White Plains, New York.
The newly built apartments feature one-bedroom units and penthouse suites with upscale interiors, along with amenities such as a rooftop terrace, a fitness center and a lounge.