Dream Homes & Development Corp. on Monday said it recently secured a $4.67 million funding package for its Berkeley Terrace development. This funding package included refinancing the land debt, a large portion of the site construction and construction of the first 10-unit building.
Matthew Aaron, principal of Mattics Lending and Whitestone Realty Capital, assisted Forked River-based Dream Homes to secure this funding. Both Dream Homes management and Aaron said they are confident that the balance of funding for the entire 70-unit development will be provided by the existing lender at favorable market rates.
Dream Homes CEO Vince Simonelli stated: “We’re excited to continue moving forward with our 70-townhome Berkeley Terrace development with financing we consider very reasonable considering the current interest rate environment. We now have a financing partner that truly can help take us to the next level for this project, as well as other projects we have in development.”
Aaron stated: “Our company was able to fully understand the overall picture for this Dream Homes project, which enabled us to correctly structure the funding. We were able to overcome concerns in this ever changing construction lending environment and provide the high touch communication required throughout the loan process.”