JLL Capital Markets arranged $10 million in refinancing for the Grande at Norwood, a recently completed, 41,463-square-foot mixed-use community in Norwood, according to a Tuesday announcement.
JLL represented the borrower, Maxim Realty Trust, in securing a 10-year, fixed-rate loan through Valley Bank.
The Grande at Norwood features 30 multihousing units and two retail spaces. The residential portion includes one- and two-bedroom units with stainless steel appliances, open floorplans, granite countertops and designer bathrooms. The retail space will be occupied by a dentist office and a restaurant.
Located at 445-461 Livingston St., the property is easily accessible to Route 9W and the Palisades Interstate Parkway. Additionally, the community is just 10 miles to the Gov. Mario M. Cuomo Bridge and 14 miles to the George Washington Bridge.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Gregory Nalbandian.
The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of the Grande at Norwood.
“Valley provided the initial construction loan through JLL and stepped up very aggressively to retain the 10-year fixed rate loan. Our client received a very significant cash out while locking in a very low rate upon executing the application before the runup in treasuries. Other economic benefits included an interest only period and excellent prepayment flexibility,” stated Nalbandian.