G.S. Wilcox & Co. recently announced that it arranged $52 million in financing for a four-building, 180-unit luxury apartment complex in North Haledon.
The 20-year term loan, sourced through one of its correspondent lenders, was arranged by President Gretchen Wilcox, Partner Wesley Wilcox and Principal Al Raymond.
The project, Molly Brook on Belmont, sits nestled on 20 acres of wooded space and was the vision of Tulfra Real Estate and its joint venture partner, the Hampshire Cos. The community tenants enjoy resort-style amenities and a suite of state-of-the-art outdoor features that include a fully furnished clubhouse, a fitness center, a resort-style swimming pool, a pet park and outdoor entertainment area.
“The limited supply of new, high-quality units in this market, combined with the excellent track record of the borrower, produced a quick lease-up period and highly favorable terms from our correspondent lender. We were also able to lock a very advantageous rate six months prior to closing,” Gretchen Wilcox said in a prepared statement.