RARITAN
LOAN AMOUNT
$9,800,000
RARITAN, NJ
BRIDGE LENDING
MULTI-FAMILY
JLJ Capital has provided a $9,800,000 acquisition loan for the purchase of 14 contiguous parcels of land located in Raritan, New Jersey for the development of a 276-unit 4-story elevatored multi-family complex. The developer was in the process of obtaining a long-term tax abatement on the development costs.
Sponsor has developed project cash flow showing net operating income in excess of $5 Million annually. JLJ loan was able to provide enough time for Developer to develop a construction budget and have the project shovel ready before being paid off by construction financing.
A developer and GC on all their projects, they have managed to build over 1,000 units with hundreds more in their pipeline. By design they are structured this way to scale their business at an accelerated rate without compromising on its high standard.
With a stellar reputation on their ability to develop on quality over quantity, they have managed to amass a net worth north of $50,000,000.
