SK PROPERTIES SECURES $170 MILLION FOR THREE MULTIFAMILY PROJECTS

JERSEY CITY, N.J., AND MACUNGIE AND ALLENTOWN, PA. — Bridgewater, N.J.-based SK Properties (SKP) has secured more than $170 million in construction financing for three multifamily properties located in New Jersey and Pennsylvania. In Jersey City, SKP closed on a $107.5 million loan for 225 Grand, a 12-story, 348-unit building located along the Hudson River waterfront that the company is developing in partnership with Applied Development Co. The building is part of the Liberty Harbor North development. The loan carries a 3-year term and was placed with PNC Bank, TD Banknorth, Capital One and Commonwealth Bank Group, with PNC Bank serving as lead lender. SKP closed on a $46 million loan for Centronia Road Apartments, a 364-unit, garden-style apartment community located on Centronia Road in Upper Macungie Township. The community comprises 26 buildings, a clubhouse and a pool. The loan carries a 3-year term, and was placed with Capital One, with TD Bank participating. Finally, SKP closed on a $17.1 million loan for Allenbrook Apartments, a 133-unit community located in Allentown. The loan carries a 3-year term, and was placed with Bank of America.