ConnectOne Bank Provides $6.4M Construction Loan For Fanwood Development Site

40 South Avenue in Fanwood has been the recent subject of a closed transaction. This development site, spanning 33,000 square feet, has attracted attention in the market. The loan for this property was provided by ConnectOne Bank, with a loan amount of $6,400,000. The loan type is a construction loan, indicating that the funds will be used for further development and enhancements to the site. The landlord for this property is 40 South Avenue Investors LLC. Mark Scott of Commercial Mortgage Capital represented the parties involved in this deal.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $6,400,000
• Address: 40 South Avenue
• Market: Fanwood
• Lender: ConnectOne Bank
• Landlord: 40 South Avenue Investors LLC
• Broker: Mark Scott - Commercial Mortgage Capital
• Loan Type: Construction Loan

Mark Scott, representing Commercial Mortgage Capital, played a pivotal role in securing the loan for this development site. ConnectOne Bank, as the lender, provided the necessary financing amounting to $6,400,000 to 40 South Avenue Investors LLC, the landlord of the property. This construction loan arrangement ensures that the funds will be used for the necessary construction and development works on the site.