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G.S. Wilcox arranges $52M financing for North Haledon multifamily
Molly Brook on Belmont
Jessica Perry//September 8, 2022//
G.S. Wilcox arranges $52M financing for North Haledon multifamily
Molly Brook on Belmont
Jessica Perry//September 8, 2022//
G.S. Wilcox & Co. said Sept. 7 that the firm recently arranged $52 million in financing for a luxury multifamily community in North Haledon.
The Morristown-based commercial real estate mortgage banking firm sourced the 20-year term loan through one of its correspondent lenders on behalf of Tulfra Real Estate and The Hampshire Cos., the joint venture partners behind Molly Brook on Belmont.
Located at 920 Belmont Ave., the property recently reached full occupancy—a milestone that it was able to achieve in less than a year of leasing at the four-building, 180-unit complex.
The financing was arranged by President Gretchen Wilcox, Partner Wesley Wilcox and Principal Al Raymond.
Molly Brook on Belmont‘s units are well appointed and the community includes amenities, including a fitness center and pet park.
“The limited supply of new, high-quality, units in this market combined with the excellent track record of the borrower, produced a quick lease-up period and highly favorable terms from our correspondent lender. We were also able to lock a very advantageous rate six months prior to closing,” said Wilcox in a prepared statement.
