Deal: Fox Run
Location: Rockaway, NJ
Collateral: When completed, the project will contain 42 for sale, residential condominium units ranging in size from 951 to 1,896 square feet. The project is of steel and concrete construction and will have higher end interior finishes. The three-story building will total ~91,950 square feet of total area (74,830 finished, 17,115 unfinished subterranean parking).
Amount: $6,860,000
Type: Bridge Loan
Purpose: The purpose of this loan was to finance the acquisition and completion of the final building in the Fox Run condominium complex in Rockaway, NJ. The borrower purchased the property as a sealed off shell at an auction and needed to complete the building systems, put in the drywall, install unit finishes/appliances and build out the amenities/landscaping.