G.S. Wilcox & Co. announced that it arranged a $6.255 million bridge loan for the acquisition of a nearly 100% vacant, 53,000-square-foot mixed-use property that includes a 429-space parking garage in Rutherford.
The financing, secured on a 3-year floating rate term, was arranged by Wesley Wilcox, partner, and Albert Raymond, principal, for Prism Capital Partners through A10 Capital. The property enjoys one of the most highly visible locations in Rutherford, with both frequent vehicle and foot traffic. It is also highly proximate to the borough’s New Jersey Transit station, which provides direct service to Hoboken and access to Manhattan in under 40 minutes.
“G.S. Wilcox & Co. is pleased to secure such favorable terms for our client on this great transit-oriented asset. We are excited to see our client transform this asset into the premier Mixed-Use property in downtown Rutherford,” Wesley Wilcox said in a prepared statement.
Separately, Gretchen Wilcox, president and David Fryer, principal, completed a $103 million financing loan for Vermella Union, a 428-unit luxury apartment building in Union.
The loan was secured with an 18.5-year term with a 30-year amortization at a rate in the mid-2% range, locked in with a 15-month forward commitment and closed before the entire project completed construction.