Fremont closes $135m construction financing for Jersey condo.Fremont Investment & Loan closed $135 million in financing for the construction of a new condominium tower located at 2 Second Street in Jersey City, NJ, on the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. directly opposite midtown Manhattan. Fremont structured this loan for a repeat customer, Fisher Development, and quickly secured a participant lender, Emigrant Savings Bank Emigrant Savings Bank was founded in 1850 by 18 members of the Irish Emigrant Society and is the oldest savings bank in New York City. The bank was originally founded to serve the needs of the immigrant community in New York and has grown to be the largest privately owned bank in . "Fremont has a successful relationship with Fisher Development, and we are enthusiastic about this well-located development and its financially strong sponsorship," said Richard Smith, vice president and loan originator for Fremont's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of regional commercial real estate office. "We were able to provide them with the comfort of having only one other participating bank and, as a result, no syndication risk." The project team combines the strength of the developer with the additional financial strength of RCG RCG Responsible Conduct of Gambling RCG Revolutionary Communist Group (Northern Ireland) RCG Raiffeisen Central Genossenschaft (German: Raiffeisen Cooperative) RCG Race, Class and Gender Longview and Ramius Capital. The site is one of Jersey City's finest, and upon completion will rise 43 stories providing many units with outdoor terraces, along with city and water views up and down the Hudson River. Fremont Investment & Loan is a wholly-owned subsidiary of Fremont General Corporation (FMT FMT Format FMT Fremont (Fremont, California) FMT FSW (Flight Software) Maintenance Team FMT Flame Maple Top FMT Full Mission Trainer FMT Fissile Material Treaty FMT Filtered Multitone :NYSE NYSE See: New York Stock Exchange ). Headquartered in Southern California, Fremont's Commercial Real Estate Division originates custom tailored loans in all 50 states through nine regional offices. In 2005, the company closed $5.65 billion in loans for commercial real estate development; the New York office was responsible for $1 billion of that total. In 2006, Fremont is working toward closing $6.5 billion in loans for quality commercial real estate development. |
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