The Mural at 606 Freeman St. in Orange is a collection of 103 studio, one-bedroom and two-bedroom apartments. — Rendering courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management has landed a $28.5 million loan for its newly completed, 103-unit apartment building in Orange, in a deal arranged by JLL.
According to the developer, the refinanced loan for 606 Freeman St. has a bridge-to-permanent structure that allows it to retire the in-place construction debt, providing its team with the flexibility to complete its lease-up and obtain permanent financing upon stabilization. JLL Managing Director Matthew Pizzolato, Senior Director Thomas E. Didio Jr., Director Max Custer and Associate Salvatore Buzzerio sourced the financing with Greystone Monticello, whose team was led by Managing Director Ross Brunello.
“Celebrating the culmination of our vision for The Mural is not just a milestone, but a testament to our commitment in answering the needs of the community with modern living spaces,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “The successful refinancing of this project underscores the confidence our partners have in our approach and the value being brought to this area.”
The deal follows the recent completion of the project, which has brought new rentals to Orange’s Valley Arts District and revitalized and the former Orange Valley Hardware property. Reynolds launched leasing last September for the collection of studio, one-bedroom and two-bedroom homes.
Amenities include a covered parking garage, a rooftop lounge and grill area, a fitness facility and a resident lounge, Reynolds said, noting that The Mural is two blocks from the Highland Avenue train station and several restaurants and shops.
“Greystone Monticello recognized the quality product Reynolds built and wanted to offer terms that would provide them flexibility and appropriate time to stabilize the asset,” Brunello said.
Pizzolato added: “JLL was pleased to have advised the Reynolds Asset Management team on the refinance of its recently developed multifamily project in Orange, New Jersey, The Mural.”