CBRE has secured a $14 million refinancing loan for a multifamily property in South Orange, it announced Wednesday.
The loan is for the Ridgewood Commons, a 66-unit midrise apartment building at 10 N. Ridgewood Road that is owned by 10 North Ridgewood Road LLC.
CBRE placed the loan through Dana Berlin of Elmwood Park-based Spencer Savings Bank. The real estate firm’s Donna Falzarano and James Gunning sourced the financing and represented the borrower in the transaction.
“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% and a maximum 75% loan-to-value on a nonrecourse basis,” Falzarano said in a prepared statement. “Spencer was an outstanding lender to work with, and facilitated a closing in just 30 days.”