CB RICHARD ELLIS ARRANGES $32.3 MILLION IN FINANCING FOR APARTMENT COMPLEX

WEST DEPTFORD, N.J. — Ted Pomeroy of CB Richard Ellis Debt and Equity Finance has arranged on behalf of the borrower, Grove Street Realty Urban Renewal, $32.3 million in construction and permanent-debt financing for Riverwinds Cove Apartments in West Deptford. Funding was provided by Merrill Lynch Capital. Located at 390 Grove St., the 259,500-square-foot luxury apartment complex is slated for completion in 2010. Riverwinds Cove Apartments will be situated on 1,100 acres along the bank of the Delaware River across from the Philadelphia International Airport. Amenities will include a recreation complex, an outdoor amphitheatre, a 2.8-mile walking trail along the Delaware River, five indoor tennis courts and a golf course. A full-service restaurant and a hotel are also planned.