The Opus at 77 Ridge Road in North Arlington — Courtesy: Northmarq
By Joshua Burd
The owner of a two-year-old, 49-unit apartment building in North Arlington has closed on $13 million in financing for the asset, in a newly announced deal by Northmarq.
Known as The Opus, the property at 77 Ridge Road is a collection of luxury one-bedroom and penthouse units with amenities such as a rooftop terrace, a fitness center and a lounge, according to a news release. Northmarq’s Robert Ranieri sourced the permanent-fixed loan on behalf of an undisclosed borrower, noting that the transaction was structured on a five-year term with one year of interest only followed by a 29-year amortization schedule.
“A local New Jersey bank offered and closed on very good loan terms for this Class A apartment building, which is best in class in North Arlington, New Jersey,” said Ranieri, a senior vice president and managing director in Northmarq’s White Plains office.
In announcing the deal, the firm noted that The Opus is 12 miles from Manhattan and five miles from MetLife Stadium. Residents, meantime, have easy access to public transportation and nearby entertainment, dining, shopping and employment opportunities.
