CBRE on Wednesday said it secured a $14 million refinancing loan for The Ridgewood Commons, a 66-unit, mid-rise multifamily apartment building at 10 N. Ridgewood Road in South Orange.
The loan was arranged through Dana Berlin of Spencer Savings Bank, a community bank headquartered in Elmwood Park. CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, 10 North Ridgewood Road LLC, in the negotiations.
“After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank at an interest rate well below 3.0% and a maximum 75% loan-to-value on a non-recourse basis,” said Falzarano. “Spencer was an outstanding lender to work with and facilitated a closing in just 30 days.”
Originally constructed in 1938, 75% of the building units were renovated over the past 36 months.
Apartments are spacious, averaging 1,050 square feet, and offer 9-foot ceilings, granite countertops, stainless steel appliances and hardwood floors. Common amenities include an appointed lobby entrance and climate-controlled storage.
The Ridgewood Commons is within walking distance of the South Orange New Jersey Transit train station, as well as dozens of restaurants, retailers, entertainment venues and recreation options. The property has had historically high occupancy, according to CBRE, with a majority of residents living there for many years.