Business Services Industry
$6.5M loan closed
Real Estate Weekly, Nov 6, 2002
The Community Preservation Corporation (CPC) closed a $6.5 million refinance and renovation loan for First Montgomery Group, the owner of Chestnut Lane Apartments, a 285-unit, 17-building, multi-family complex located in Deptford Township, N.J.
The loan is fixed for the first 10 years and thereafter, has five-year adjustments out 30 years.
The loan will fund approximately $500,000 of renovations, roof and gutter repairs, as well as landscape improvements and a new parking lot.
Located in Gloucester County, the Chestnut Lane Apartments are conveniently situated in close proximity to I-295, I-76, the New Jersey Turnpike and the Atlantic City Expressway. Philadelphia is just 30 minutes driving distance from the apartments and the Deptford Mall and numerous retail centers are also nearby.
"We are pleased to have assisted First Montgomery Group in this loan transaction. CPC's dedication to providing financing for moderate income housing in areas such, as Deptford Township is reflected in this loan," stated Justin Peyser, vice president and director, CPC.
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