GS Wilcox & Company announced that it has arranged a bridge loan of $6.255 million to acquire a nearly 100% vacant, 53,000-square-foot mixed-use property that includes 429 parking spaces in Rutherford.
The financing, which was secured on a 3-year floating rate basis, was arranged by Wesley Wilcox, Partner, and Albert Raymond, Director, Prism Capital Partners through A10 Capital. The property has one of the most visible locations in Rutherford, with frequent vehicular and pedestrian traffic. It’s also very close to the town’s New Jersey Transit station, which provides direct service to Hoboken and gets to Manhattan in less than 40 minutes.
GS Wilcox & Co. is pleased. To secure such favorable terms for our clients on these wonderful transit assets. “We are excited to see our client convert this asset into a first mixed use property in downtown Rutherford,” Wesley Wilcox said in a prepared statement.
Separately, Gretchen Wilcox, president, and David Fryer, director, completed a $103 million financing loan for Vermella Union, a 428-unit luxury apartment building in Union.
The loan is secured for 18.5 years with an amortization of 30 years at an average rate of 2%, restricted to a 15-month forward commitment and closed before construction of the entire project is completed.
The deal was funded by Russo Development through Thrivent Financial, one of the company’s exclusive life insurance lenders.