Tonelle Avenue
North Bergen, NJ
Investment Type: Co-Lending / Construction Completion
Property Description: Multifamily
Loan Amount: $42MM
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Madison acquired an 80% pari-passu interest in a $53MM construction loan collateralized by a 177,073 SF, 214-unit multifamily development that benefits from a 30-year PILOT located in North Bergen, New Jersey
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During the term of the loan, construction of the Property will be completed in two phases: Phase I, which was 45% complete at closing, will consist of 138 units across 3 buildings, and Phase I, which was unimproved, entitled land at closing, will consist of an additional 76 rental apartments
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The units will offer best-in-class finishes, with amenities including a fitness center, spa, lounge, and a swimming pool
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The transaction presented Madison the opportunity to have an attractive fully-funded basis in a Class A residential development with a long-term tax abatement and is located in a rapidly-growing market outside of New York City
