CBRE on Thursday said it arranged $29 million in bridge financing for the refinance of Fernmoor Homes‘ Mi-Place at Brightmoor in Winslow Township, a 144-unit Class A multifamily project.
Matthew Klauer and Cassandra Russell with CBRE Capital Markets’ Debt and Structured Finance team represented Fernmoor in a three-year bridge loan, provided by an entity managed by Argentic Investment Management LLC.
Phase I of Mi-Place at Brightmoor consists of six garden-style buildings and will be part of a larger community with a total of 312 units. The development will feature a clubhouse, pool, fitness center, expansive green space and other amenities.
“No transaction is easy in this economic environment, so I thank CBRE and Argentic for their efforts to get this deal closed,” Jeffrey Fernbach, president of Fernmoor, said.
“Fernmoor created Mi-Place as a brand to raise the level of luxury and quality in the communities it operates in. Mi-Place at Brightmoor is another outstanding example of Fernmoor’s capabilities, and we are proud to have collaborated with them and Argentic on this transaction,” Klauer said.
“We were excited to work with the Fernmoor and CBRE teams to provide financing in a challenging environment,” Loren Berger of Argentic said.
With more than 30 years of experience, Fernmoor is a family-owned firm with a team of seasoned professionals specializing in rental and for-sale homes. Fernmoor provides innovative living choices across New Jersey and Delaware, from single-family homes, townhomes and condominiums to active-adult communities and luxury rentals. The firm has received awards from the Shore Builders’ League of New Jersey, the New Jersey Builders Association, the Home Builders Association of Delaware and the National Association of Home Builders.
