Paramus-based Reynolds Asset Management announced Wednesday that it has closed a $28.5 million refinancing loan for a multifamily apartment complex, the Mural, in Orange.
The refinanced loan is structured as a bridge-to-perm, retiring the in-place construction loan and providing the Reynolds team with the flexibility to complete its lease-up and to obtain permanent financing upon stabilization.
The refinanced loan was executed in partnership with lender Greystone Monticello, led by Managing Director Ross Brunello, and brokered by JLL Capital Markets, with a team made up of Managing Director Matthew Pizzolato, Senior Director Thomas E. Didio Jr., Director Max Custer and associate Salvatore Buzzerio.
“Celebrating the culmination of our vision for the Mural is not just a milestone, but a testament to our commitment in answering the needs of the community with modern living spaces,” Lou Reynolds, founder and CEO of Reynolds Asset Management, said. “The successful refinancing of this project underscores the confidence our partners have in our approach and the value being brought to this area.”
The Mural apartment complex is located at 606 Freeman St. in the heart of Orange’s Valley Arts District and the site of the former Orange Valley Hardware store.
Reynolds broke ground on construction at the property in May 2022, completed construction in the summer of 2023, and officially began leasing efforts in September of that same year.
The Mural features eight studio apartments, 59 one-bedrooms and 36 two-bedrooms designed with modern touches like high ceilings, open floor plans and oversized windows. Amenities include a covered parking garage, a rooftop lounge and grill area, a fitness facility and a resident lounge.
The Mural is conveniently located two blocks from the Highland Avenue Train Station, easing residents’ commutes, as well as several restaurants and shops.
