News March 16, 2022
Madison Realty Capital Provides $65M Construction Loan to Canoe Brook Development for NJ Apartment Project
Commercial Observer reported that Canoe Brook Development has secured $65 million of construction financing from Madison Realty Capital to build a multifamily development in northern New Jersey. The 220-unit project is located on a 9-acre site in Warren, N.J. and will also include a site for an approved 130-key hotel that is separate from Canoe Brook’s multifamily project. The multifamily development will consist of a variety of one- to three-bedroom units spread over two buildings. Its planned amenities include fitness center, outdoor pool and lounge, courtyards, business center and 358 parking spaces. A portion of the four-story property will be designated as inclusionary affordable housing.