SOMERSET, N.J. — Chicago-based Wrightwood Capital has provided $6.75 million in acquisition financing for the Somerset Estates apartment community in Somerset. Located at 271 Franklin Blvd., the property contains 395 one-, two- and three-bedroom units in 57 two-story buildings. The borrower, Fieldstone Properties, plans to implement a capital improvements plan, including upgrades to the kitchens and bathrooms, and the conversion of some two-bedroom units into three-bedroom units, in an effort to raise rents to market levels. The loan carries a 5-year term, and was sourced through Emmet Delany of Capital & Venture Resources.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties