The Harrison at 125 South Harrison St. in East Orange — Courtesy: Northmarq
By Joshua Burd
A developer has secured a $16 million permanent loan for a new 103-unit apartment building in East Orange, in a deal arranged by Northmarq.
The capital markets firm represented an undisclosed borrower in sourcing the financing, which was provided by Fannie Mae. Proceeds are tied to what’s known as The Harrison, a project completed last year at 125 South Harrison St., two blocks from the NJ Transit service.
“The property leased up so quickly that we were able to finance under standard Fannie Mae program,” said Robert Ranieri, managing director of Northmarq’s Westchester office. “The loan was rate locked during a highly volatile time period. This is a Class A apartment complex that stands out from competing properties in the area.”
Comprising a mix of studio, one-bedroom and two-bedroom apartments, The Harrison has private balconies and other upscale appointments, according to a news release. On-site amenities include laundry facilities, a fitness center and package room.