Bellwether Enterprise on Tuesday said it closed three loan deals totaling $86 million to renovate four oceanfront retail properties and finance apartments and townhomes in New Jersey and Pennsylvania.
The deals include:
- Asbury Park Boardwalk, a $26 million loan originated on behalf of the borrower, Madison Marquette, through OceanFirst Bank to renovate four oceanfront pavilions on the iconic Asbury Park Boardwalk.
- 202 Park Apartments (Cherry Hill), a $40 million life company loan on behalf of the borrower, Montgomery Group, to finance a recently completed 192-unit apartment and townhome community.
- Cityplace North & South (Allentown, Pennsylvania), a $20 million insurance company loan to finance the renovation and construction of 204-unit, two-building apartment complex.
Mark Remington, senior vice president in BWE’s Washington, D.C., office originated the Asbury Park loan; Mike Powell, senior vice president in the New York office, and Kevin Hicks, senior vice president in the Philadelphia office, originated the Cherry Hill loan; and Steve Perricone, senior vice president in the Philadelphia office, originated the Allentown loan.
“These deals are emblematic of BWE’s ongoing commitment to support vibrant communities by financing high-quality retail and residential communities,” D.J. Effler, president of BWE, stated. “Our teams are thrilled to work with our partners to renovate and develop waterfront pavilions and housing in New Jersey and Pennsylvania, and we look forward to continuing to be a part of a thriving mid-Atlantic market.”