Reynolds Asset Management announced the closure of a $28.5 million refinancing loan for its multifamily complex The Mural in Orange, New Jersey.
Reynolds broke ground on construction at the property in May 2022, completed construction in the summer of 2023, and officially began leasing efforts last September. The Mural features eight studio apartments, 59 one-bedrooms and 36 two-bedrooms, and amenities include a covered parking garage, a rooftop lounge and grill area, a fitness facility, and a resident lounge.
According to the Paramus, New Jersey-based company, the refinanced loan is structured as a bridge-to-perm, retiring the in-place construction loan and providing the Reynolds team with the flexibility to complete its lease-up and to obtain permanent financing upon stabilization. The refinanced loan was executed in partnership with lender Greystone Monticello and brokered by JLL Capital Markets.
“Celebrating the culmination of our vision for The Mural is not just a milestone, but a testament to our commitment in answering the needs of the community with modern living spaces,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “The successful refinancing of this project underscores the confidence our partners have in our approach and the value being brought to this area.”
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