Mark Scott's Commercial Mortgage Capital Secures $10.25M Loan for River Bend East at Wappingers Falls, NY
Livingston, NJ – Mark Scott’s Commercial Mortgage Capital (CMC), a leader in real estate finance that arranges permanent, construction and mezzanine loans for a wide range of commercial properties including multifamily, office, retail, industrial and healthcare facilities primarily in New York, New Jersey and Connecticut, announced that it recently closed a $10.25-million loan for a brand new 2-building, 54-unit multifamily complex located in Wappingers Falls, NY.
“This deal was particularly interesting because we were able to structure and fully fund the loan at a competitive rate before full stabilization. The property was less than 60% occupied at closing.” said Mark Scott, principal of Commercial Mortgage Capital.
The luxury apartment community, also known as River Bend East, consists of 14 one-bedroom and 40 two-bedroom residences. These brand new apartments are the second phase of the successful adjacent community known as River Bend at Wappingers Falls, completed in 2009, developed by Sterling Properties. The new residences feature an elevator, stainless steel appliances, quartz counter tops, hardwood floors, tray ceilings, washer/dryer in each unit, secured entry, storage spaces and garages.
Wappingers Falls is located in the heart of the Hudson Valley just east of the Hudson River. Wappingers Falls is a scenic suburban community that boasts a quality school system and many recreational opportunities.
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