Northmarq arranges $415,000 acquisition financing of corner site in Little Ferry, New Jersey for development
WHITE PLAINS, NEW YORK (December 19, 2022) — Northmarq’s Robert Ranieri, senior vice president/managing director of the White Plains-based regional office, arranged the $415,000 acquisition financing of a 0.45 acre corner site for a planned 22-unit apartment building development. Located at 233 Liberty Street in Little Ferry, the property currently contains a vacant two-story, 9,700 sq. ft. building. The transaction was structured on a 2-year term. Northmarq secured the bridge loan for the borrower through its relationship with a regional bank.
Formerly a funeral home, 233 Liberty Street was gutted by the seller prior to the acquisition. The borrower plans to demolish the existing structure and develop the land into a 22-unit apartment building. Plans for the construction project were approved in November 2021.
“The lender has been funding small acquisitions for this client, a local developer, as the initial step to eventually providing a construction loan,” said Ranieri.
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