Maplewood Crossing in Maplewood — Courtesy: G.S. Wilcox & Co.
By Joshua Burd
G.S. Wilcox & Co. has secured $32 million in financing for the owner of a recently built, 151-unit apartment community in Maplewood.
The commercial mortgage banking firm, which is based in Morristown, on Monday announced that it represented Elite Properties in securing the loan for Maplewood Crossing. The financing has a 20-year term and an interest-only period followed by 30-year amortization.
G.S. Wilcox Vice President Robert Logan and Principal Al Raymond completed the transaction. The owner of the three-building luxury complex along Burnett Avenue is a repeat client.
“The strong market fundamentals and the high-quality product led to significant interest from our life company relationships,” Logan said. “We are honored to have again worked with this client to secure optimal long-term financing.”