OceanFirst provides $26M construction financing for Orange apartments

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In support of its development of a 103-unit multifamily property coming to Orange, on March 15 Reynolds Asset Management Partners announced closing on a construction loan.

The $26 million in financing was provided by OceanFirst Bank in support of Reynolds’ Orange Valley Apartments project, located at 606 Freeman St.

According to the Paramus-based investor and developer, the loan — brokered by George Gnad of Lenders Capital — is the largest construction loan in Reynolds’ history.

“We are proud of the project we put together in Orange, New Jersey, a city we are very bullish on and a property which will set the market for apartments in the area,” said Lou Reynolds, CEO of Reynolds Asset Management.

With completion anticipated for November 2023, the commuter-friendly Orange Valley Apartments will offer covered parking; a roof deck, gym and business center; and modern finishes.

“We could not be happier to be working with OceanFirst, who share our vision for the community and its residents,” Reynolds added. “Stan Koreyva, Mike Coleman and their team were a pleasure to work with and we look forward to a long-lasting partnership with them.”

“We are extremely proud to partner with Reynolds Asset Management on this exciting new project,” added OceanFirst Senior Vice President Michael Coleman. “OceanFirst strives to partner with talented and driven professionals like Lou Reynolds and Matthew Earl, and to support projects that will have a positive impact on the local community.”