Vermella West in Kearny — Courtesy: G.S. Wilcox & Co.
By Joshua Burd
G.S. Wilcox & Co. is touting $170 million in recent loan activity with one of its correspondent lenders, including $100 million for two northern New Jersey apartment developers.
The Morristown-based commercial mortgage banking firm announced the financing through Thrivent Financial. Among the loans are financing for Vermella West in Kearny, a new 280-unit apartment complex by Russo Development, and for The Winston, a 218-unit project in Lyndhurst by J.G. Petrucci Co. Inc. and Mandelbaum.
Both deals involved take-outs of construction loans and were priced very aggressively, the firm said.
The recent activity by Wilcox and Thrivent also includes roughly $80 million for five warehouse properties in New Jersey:
- A 417,000-square-foot property owned by Whitesell Construction in Florence;
- Three buildings totaling about 400,000 square feet owned by Adler Development
- A 340,900-square-foot building in South Brunswick owned by Forsgate Industrial Partners
- A 61,000-square-foot warehouse owned by Hartz Mountain Industries
- A 128,000-square-foot flex property in Wall Township.
Wilcox touted the firm’s longtime relationship with Minneapolis-based Thrivent, which has a commercial mortgage loan portfolio of $8 billion.
“We have enjoyed working with their dedicated team for over two decades,” said G.S. Wilcox, president of G.S. Wilcox & Co. “Their flexibility and aggressive terms put them in front of the competition on an ongoing basis.”
