Recently completed, The Grande at Norwood is a mixed-use community located in its Bergen County namesake with 30 multifamily units and two retail spaces that just secured financing.
“Valley provided the initial construction loan through JLL and stepped up very aggressively to retain the 10-year fixed rate loan,” Senior Managing Director Gregory Nalbandian said in a statement. “Our client received a very significant cash out while locking in a very low rate upon executing the application before the runup in treasuries. Other economic benefits included an interest only period and excellent prepayment flexibility.”
Nalbandian led the JLL Capital Markets Debt Advisory team that represented Maxim Realty Trust. The borrower’s team was led by Gerry Puccio, CEO and developer of The Grande at Norwood.
Located at 445-461 Livingston St., the property is situated along a visible and well-traveled thoroughfare with easy access to Route 9 West and the Palisades Interstate Parkway. The Grande at Norwood offers one- and two-bedroom units with stainless steel appliances, open floorplans, granite countertops and designer bathrooms. According to JLL, the retail components will be occupied by a dentist office and a restaurant.
The Grande Collection also boasts a property location in Saddle River.