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100 South Washington Avenue
FINANCED

Prism Capital Partners Secures $53.9M Construction Loan For The Nell Development In Dunellen, NJ

100 South Washington Avenue

Development Site
clock iconFinanced 161 days ago
Rodney Shenman
Greg Halvorson
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Summary

Loan
NEW JERSEY
Development Site

The Nell, a mixed-use multifamily development located at 100 South Washington Avenue in Dunellen, NJ, has obtained $53.9 million in takeout construction financing. The loan, provided by New York Life Real Estate Investors, replaces a previous $52 million construction loan from Valley National Bank. The Nell is situated near the Dunellen New Jersey Transit train station and features residential units, townhomes, and retail space.

Summary of transaction details

Prism Capital Partners, represented by Eugene Diaz of Prism Capital Partners, secured the takeout construction financing for The Nell. The loan, provided by New York Life Real Estate Investors, will support the development of this mixed-use multifamily project in Dunellen, NJ. The financing allows for the completion of residential units, townhomes, and retail spaces near the Dunellen New Jersey Transit train station.

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Rodney Shenman's profile picture
Rodney Shenman
KeyBank Real Estate Capital-image
Senior Mortgage Banker

Details

Deal Summary
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FINANCED
IMAGE: Eugene Diaz, Greg Halvorson & Rodney Shenman DATE: 01/12/2024 ADDRESS: 100 South Washington Avenue MARKET: Dunellen ASSET TYPE: Development Site LENDER: New York Life Real Estate Investors (@NewyorkLifeInvestments) LANDLORD: Eugene Diaz - Prism Capital Partners (@PrismCapital) BROKERS: Greg Halvorson & Rodney Shenman - KeyBank Real Estate Capital (@KeyBank) LOAN AMOUNT: $53,900,000 LOAN TYPE: Construction Loan LOAN TERMS: seven-year fixed-rate loan NOTE: Prism Capital Partners obtained $53.9 million in takeout construction financing from New York Life for The Nell, a mixed-use multifamily development in Dunellen, NJ. The loan retires a $52 million construction loan from Valley National Bank, supporting the transit-oriented project, including residential units, townhomes, and retail space near the Dunellen New Jersey Transit train station.

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Address100 South Washington Avenue

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