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Continental Properties Secures $49.7M Construction Loan From Truist Bank For Highgate Project In Livingston, NJ

Property Image
FINANCED
$49,700,000
Matthew Pizzolato
Michael Gigliotti

New Jersey

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Development Site
Financed 06/21/2023
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Property Image
FINANCED

Continental Properties Secures $49.7M Construction Loan From Truist Bank For Highgate Project In Livingston, NJ

34 S Livingston Ave #2a Livingston, NJ 07039, USA

See Similar Deals
Development Site
Financed 06/21/2023
Matthew Pizzolato
Michael Gigliotti
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan

Continental Properties has obtained a $49.7 million construction loan from Truist Bank for Highgate, a luxury multifamily apartment development located at 34 S Livingston Ave Ste 2A in Livingston, New Jersey. The development site is set to set a new standard for quality and amenities in the area, catering to a discerning market.

Summary of transaction details

The loan provided by Truist Bank will support the construction of Highgate, a luxury multifamily apartment development. The project aims to meet the demands of a discerning market in Livingston, New Jersey. With the loan terms being floating-rate, Continental Properties can proceed with the development and ensure its success.

Players

Michael Gigliotti
JLL
Michael Gigliotti
19 deals$3.7B volume
BROKER
Matthew Pizzolato
CBRE
Matthew Pizzolato
34 deals$1.4B volume(908) 720-0342
BROKER
Truist Bank
Truist Bank
LENDER
CL
Continental Properties, LLC
LANDLORD

Details

FINANCED
IMAGE: Michael Gigliotti & Matthew Pizzolato DATE: 06/21/2023 ADDRESS: 34 S Livingston Ave Ste 2A MARKET: Livingston ASSET TYPE: Development Site LENDER: Truist Bank LANDLORD: Continental Properties (@ContinentalPropertiesCo) BROKERS: Michael Gigliotti & Matthew Pizzolato - JLL (@JLL) LOAN AMOUNT: $49,700,000 LOAN TYPE: Construction Loan LOAN TERMS: floating-rate NOTE: Continental Properties has obtained a $49.7 million construction loan from Truist Bank for Highgate, a luxury multifamily apartment development in Livingston, New Jersey. The project aims to set a new standard for quality and amenities in the area, catering to a discerning market.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$49,700,000.00

Monthly NOI$331,333.33
Monthly Debt Service$314,137.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00