By Joshua Burd
The owner of a 130-unit luxury apartment building in Morristown has secured a $36.5 million mortgage, in a newly announced transaction by New York Life Real Estate Investors.
The lender on Tuesday detailed the financing for The Metropolitan at 40 Park, a seven-story property at 40 Market St. Developed by Woodmont Properties and Roseland Residential Trust, the 10-year-old building is among the most distinctive in Morristown’s revitalized downtown, boasting a location on The Morristown Green with popular ground-floor restaurants.
“We are pleased to be financing The Metropolitan at 40 Park, an exceptional Class A property in the walkable retail and entertainment district of Morristown, N.J.,” said Keith Duane, director in New York Life Real Estate Investors’ Northeast regional office. “In today’s challenging economic climate, we continue to focus on opportunities to work with strong, experienced sponsorship teams.”