{"id":1003921606,"date":"2008-12-11T12:00:00","date_gmt":"2008-12-11T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/12\/11\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\/"},"modified":"2022-12-08T20:06:13","modified_gmt":"2022-12-09T04:06:13","slug":"sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\/","title":{"rendered":"SK Properties Secures $170M in Construction Financing for New Jersey M-F Portfolio&#160;&#160;"},"content":{"rendered":"<p>SK Properties has secured more than $170 million in construction financing for three multi-family properties in New Jersey and Pennsylvania.The portfolio includes a high-rise building situated along New Jersey\u2019s Hudson River as well as garden-style apartments located in Pennsylvania suburbs.The company secured a $107 million loan for 225 Grand, a 12 story rental building situated in\u00a0 Jersey City.\u00a0 SK Properties is developing the building in partnership with Applied Development Co.\u00a0 The financing was for a three-year term and placed with PNC Bank, TD Banknorth, Capital One and Commonwealth Bank Group.\u00a0 PNC Bank served as the lead lender in the transaction.Additionally, SK Properties secured construction financing for two rental complexes in Pennsylvania. These included a $46 million loan for a collection of 364 garden-style apartments on Centronia Road in Upper Macungie Township in Lehigh County. Centronia Road Apartments will consist of 26 buildings. Amenities will include a clubhouse and a pool.\u00a0 Capital One served as the lead lender for the three-year loan, with TD Bank participating.And lastly, the firm arranged $17 million in financing for Allenbrook Apartments, a collection of 133 garden apartment homes and recreational amenities in Allentown.\u00a0 The construction loan was for a three-year term placed with Bank of America.\u201c&#8230; while market conditions have created significant challenges and major banks have tightened their criteria and guidelines for borrowers, we have a long history of serving as a responsible conduit and continue to originate and construct financing packages that lenders are comfortable with, thereby allowing our residential developments to move forward,\u201d Jamie Block, vice president of finance for SK Properties noted in a release.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SK Properties has secured more than $170 million in construction financing for three multi-family properties in New Jersey and Pennsylvania.The portfolio includes a high-rise building situated along New Jersey\u2019s Hudson River as well as garden-style apartments located in Pennsylvania suburbs.The company secured a $107 million loan for 225 Grand, a 12 story rental building situated&hellip;<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003921606","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SK Properties Secures $170M in Construction Financing for New Jersey M-F Portfolio&#160;&#160; - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SK Properties Secures $170M in Construction Financing for New Jersey M-F Portfolio&#160;&#160;\" \/>\n<meta property=\"og:description\" content=\"SK Properties has secured more than $170 million in construction financing for three multi-family properties in New Jersey and Pennsylvania.The portfolio includes a high-rise building situated along New Jersey\u2019s Hudson River as well as garden-style apartments located in Pennsylvania suburbs.The company secured a $107 million loan for 225 Grand, a 12 story rental building situated&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2008-12-11T20:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:06:13+00:00\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1d2a393e4a57d6d45707374e94ab4fef\"},\"headline\":\"SK Properties Secures $170M in Construction Financing for New Jersey M-F Portfolio&#160;&#160;\",\"datePublished\":\"2008-12-11T20:00:00+00:00\",\"dateModified\":\"2022-12-09T04:06:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\\\/\"},\"wordCount\":272,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sk-properties-secures-170m-in-construction-financing-for-new-jersey-m-f-portfolio\\\/\",\"name\":\"SK Properties Secures $170M in Construction Financing for New Jersey M-F Portfolio&#160;&#160; 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