Livingston-based real estate financing company Mark Scott’s Commercial Mortgage Capital announced Tuesday that it has arranged a $14.72 million loan assumption for an 80,355-square-foot adult community in Mount Arlington.
According to the announcement, the 105-unit Carriage Club was acquired by Landmark Companies LLC from Pantzer Properties using a Freddie Mac loan.
“The market is currently in full swing and competition is heating up between lenders, all of whom have lofty targets,” said Mark Scott, founder and president of CMC in a prepared statement. “According to the Mortgage Bankers Association, originations of commercial and multifamily mortgages are projected to grow to $300 billion in 2014, a 7 percent increase from 2013 volumes, while originations of multifamily mortgages are forecast at $116 billion in 2014.”
The community, located at 1 Hillside Drive in the western Morris County submarket, is on seven acres of land and has a mix of one- and two-bedroom units, the announcement said.
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