Country Classics Secures $31M Loan From New York Life For Multifamily Community In Montgomery Township

The Somerset at Montgomery is a 115-unit multifamily community located at 1377 Route 206, Montgomery Township. The asset includes 92 market-rate and 23 affordable apartments. It features amenities such as EV chargers, private balconies, a fitness center, and an extensive parking facility with 220 spaces. The property, delivered in 2024, is situated near downtown Princeton and the upcoming Montgomery Promenade retail center.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $31,000,000
• Lender: New York Life
• Landlord: Country Classics
• Brokers: Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal & Jake Salkovitz - CBRE

The permanent financing of $31M was arranged by CBRE. This financing was secured from New York Life, reflecting the property's potential in the Montgomery Township market.