Summit Assets, Winchester Equities JV secure $22m for multifamily building in New Jersey
A joint venture between Summit Assets and Winchester Equities announced that it secured a $22 million first mortgage loan for 303 Washington Street, a 10-story, 92-unit multifamily apartment building located in downtown Newark. The property is undergoing a conversion from a five-story office building into a modern rental apartment building. Once complete, the property will feature a mix of studio, one-bedroom and two-bedroom units as well as modern luxury amenities and a 360-degree rooftop deck.
Northwind Group provided the loan through its closed-end debt funds with competitive terms, which will provide the owner with the required capital to complete the construction and lease the property to stabilization.
The financing for the transaction was arranged by MSCO Capital Advisors.