$50m construction loan inked for NJ development.The New Jersey office of Holliday Fenoglio Fowler, L.P. acting as exclusive advisor to East Palisades Palisades, cliffs along the west bank of the Hudson River, NE N.J. and SE N.Y., extending from N of Jersey City, N.J., to the vicinity of Piermont, N.Y., with a general altitude of from 350 ft to 550 ft (107–168 m). Blvd, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , arranged construction and joint venture equity financing Equity Financing
The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. totaling $49.6 million for The Park at Palisades Park Palisades Park, residential borough (1990 pop. 14,536), Bergen co., NE N.J.; inc. 1899. , a to-be-built, multifamily development in Palisades Park, N.J.
Senior managing directors Tom Didio and Jon Mikula secured joint venture equity from Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. to finance the development of The Park at Palisades Park.
To complete the transaction, the HFF HFF Hochschule für Fernsehen und Film München (Germany)
HFF Heartland Film Festival
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HFF Horizontal Flute Factor team arranged construction financing of $12.5 million with Boiling Springs Bank and Oritani Savings for the condominium portion of the project and $26 million with Washington Mutual for the rental portion of the project.
"This project had been in bankruptcy for over ten years with the previous owner," said Didio. "We are excited to have been a part of creating desperately needed housing to this community."
The remaining $11.1 million was structured as equity and mezzanine debt through Fidelity Investments. The Park at Palisades Park is a 14-acre development due for completion in the fail of 2004 consisting of two rental properties and one condominium property. Community amenities will include two swimming pools, a fitness center, concierge services, a business center and tenant storage.
Parking will be available for 473 vehicles in a combination of surface spaces and three floors of underground parking. The unit mix will consist of one-bedroom, two-bedroom and three-bedroom units.
The Park West Apartments will have a total of 140 rental units, with an average size of 1,098 square feet. The Park East will have 64 condominium units averaging 1,005 square feet.
The Park at Palisades Park is located between Stillwell Avenue, Central Boulevard, and 12th and 14th Streets in eastern Palisades Park.
Manhattan is accessible via the George Washington Bridge George Washington Bridge, vehicular suspension bridge across the Hudson River, between Manhattan borough of New York City and Fort Lee, N.J.; constructed 1927–31. It is one of the longest suspension bridges in the world. in the neighboring town of Fort Lee of by commuter ferry in Weehawken.
"The Park at Palisades Park offers a solid investment opportunity due to northern New Jersey's strong anti-development sentiment," said Didio.
"This project is expected to be leased and sold out quickly given the lack of newer developments and consistent area occupancy levels of over 95%."