Max Benjamin Partners Finances Multifamily Project In Raritan, NJ With $10.25M Loan

A multifamily property located at 21 Orlando Dr, Raritan, NJ, consisting of 63 units with a total square footage of 150,000 square feet, was involved in a recent transaction. The property was undergoing construction completion for a stalled, 42-unit apartment project, with a loan provided by Max Benjamin Partners amounting to $10,250,000. The loan, a construction type with 79% LTC and SOFR 600 terms, is aimed at filling the remaining costs required to finish the project.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,250,000
• Units: 63
• Market: Raritan, NJ

The key individuals and companies involved in this deal include Drew Rands, Jason Moyal, Joe Gorga, and Max B. Mellman, who represented Max Benjamin Partners as the lenders of the $10,250,000 construction loan. This marks the fourth loan with the Sponsor, showcasing a strong ongoing relationship between the parties. The project aims to address the need for more housing options in Raritan, NJ, upon its completion.