By Real Estate NJ
The Rockefeller Group has secured $70 million in financing on behalf of its joint-venture partnership with Korman Communities for the construction of AVE Florham Park, a flexible-stay community in Florham Park.
The project, slated to open in 2017, is the latest piece of the development firm’s master-planned community known as The Green at Florham Park. When complete, it will feature 256 furnished and unfurnished, flexible-stay units geared toward corporate housing, relocations and long-term stays, along with 40,000 square feet of outdoor amenities and 24,000 square feet of indoor amenities.
The Rockefeller Group’s internal treasury department, led by Sam Pallotta, vice president and treasurer, secured the construction loan from Capital One through the firm’s relationship with Deerwood Real Estate Capital, according to a news release.
“This financing is reflective of The Rockefeller Group’s strong corporate balance sheet and renowned expertise in New Jersey, both of which allowed our team to effectively negotiate the terms of the loan,” Pallotta said. “Those factors, among others, led to investor confidence and ultimately resulted in the establishment of a new relationship between The Rockefeller Group and Capital One.”