Lightstone Capital provides $29.5 million bridge loan for Orange new apartment building
Peek Properties secured a $29.5 million bridge loan for its new apartment building in Orange.
The short version
- The five-story building at 407 Highland Avenue is known as the Lincoln.
- The loan helps lease the 102-unit building and refinances earlier debt.
Peek Properties just secured a $29.5 million bridge loan for its newly completed apartment building in Orange, according to Commercial Observer. The five-story building at 407 Highland Avenue is known as the Lincoln, featuring 102 units just one block from the Highland Avenue train station with rides to Midtown Manhattan.
Lightstone Capital, the lending arm of the real estate firm Lightstone Group, provided the pre-stabilization bridge loan. Daniel Cohen of Ackman-Ziff advised on the transaction. The new funding lets the developer refinance an older $20.5 million construction loan from Amboy Bank while pulling out equity early in the leasing process.
The building received its final certificate of occupancy in September. Eugene Rozovsky, senior managing director at Lightstone Capital, said newly built properties with proven operators remain attractive lending bets as they stabilize. Peek Properties has six new construction projects across Orange and several renovated properties in nearby East Orange.
Cities like Orange and East Orange keep drawing luxury apartment builders as renters get priced out of New York City. Philip J. Evanski, managing partner of Peek Capital and Peek Properties, said the Lincoln continues to pull strong interest from prospective residents.
For anyone watching local real estate, it shows money keeps flowing into rental developments right along the train lines.
