The developer of a 450-unit luxury apartment property in Willingboro has landed more than $21 million in financing, in a transaction arranged by Meridian Capital Group.
Brokers with the firm represented the borrower, Weiss Properties, in sourcing the $21.3 million loan for the complex known as The Avery. The developer will use the 12-year agency loan, which features seven years of interest-only payments, to refinance the property at 10 Lincoln Square.
Meridian Senior Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein negotiated the financing.
“Refinancing a portion of an existing development can be complex,” Ackerman said. “However, the luxury appeal and location of the property made it an attractive asset for lenders.”
Located 10 minutes from the New Jersey Turnpike and Interstate 295, The Avery is home to 450 one-, two- and three-bedroom apartments with luxury appliances and interiors. The community also includes amenities such as a 7,000-square-foot clubhouse, fitness center, resort-style outdoor swimming pool and a home movie theater with a 133-inch projection screen.
“With over 98 percent occupancy, Shaya was able to present us with many good lending options that allowed us to pick the best deal available,” said Robert Weiss, president of Weiss Properties. “His expertise on the financing end allows us to focus on the over 1,000 units in our development pipeline as well as other major commercial projects.”
New Brunswick-based real estate developer Robert Weiss, president of Weiss Properties, said that all the developer needs to begin building is approval from the New Jersey Department of Transportation to construct a $1 million roundabout on Cedar Lane that will replace the existing jug handle.
Weiss said approval from the NJDOT is expected in the next five to six months.
The project was approved in June by the Florence Township Planning Board.
The residential development will consist of 10, 24-unit residential buildings. Each building will be three stories with eight units on each floor. There will be 92 one-bedroom units, 140 two-bedroom units and eight three-bedroom units — 15% of which will be affordable housing units.
It will also include a large clubhouse that will consist of a fully equipped professional gym, pool, yoga center, multi-purpose room, an Amazon Package System, retention pond and recycling center.
Its expected that the development will house 22 to 26 school-age children, according to project Engineer Robert Stoudt, of Stoudt and Caldwell LLC.
The restaurant will be located next to the Marriott Town Place Suites.
“We have determined that there is a strong demand in this area for an extended stay hotel that will serve many of the large companies such as Amazon, Subaru and Burlington Coat Factory,” said Yoni Nevenansky, Weiss Properties senior vice president, in a statement.
Weiss Properties also developed The Avery in Willingboro, and said that its proposed development in the township will be similar. It also has residential developments in Somerville and commercial developments in North Brunswick, New Brunswick, Robbinsville and Miami Beach.