$52.5M loan secured for Braddock Apartments in North Bergen

HALL Structured Finance originated a new first lien construction loan commitment totaling $52.5 million to be used for the development of the Braddock Apartments, a 10-story, multifamily project in North Bergen.

The project is being developed by Sanz Management.

The Class A, 135-unit development will include full in-unit washer/dryers, stainless steel appliances, oversized walk-in closets and balconies/terraces in select units. Project amenities include an amenity penthouse, rooftop terrace, fitness center, yoga room, coworking space, bicycle storage and dog wash.

The project also includes one level of below-ground and three levels of above-grade parking, as well as 2,399 square feet of ground level retail space.

The Braddock Apartments will be a 10-minute drive from the New Jersey Transit Hudson-Bergen Light Rail System and across the street from James J. Braddock Park, a beautiful, well-programmed 167-acre park with views of the Manhattan skyline.

Peter Nicoletti, Dylan Kane and Zach Redding of Colliers’ New York Capital Markets group brokered the deal.

“Sanz Management is a New York City-based, family-owned company with successful restaurants and multifamily projects. The Braddock is an ideally located Class A project, making it a very attractive development and loan opportunity for us,” said HSF Vice President Brian Mitchell. “We continue to be very active in seeking new construction and bridge loans opportunities, primarily in the hotel and multifamily sectors, where we can be aggressive in providing financing for great sponsorship with high quality and well-located projects like the Braddock Apartments.”