Greystone announced that it has arranged a $45.3 million loan on behalf of Forte Real Estate Development for The View at Middlesex, a recently completed 200-unit class-A multifamily property located at 220 Lincoln Boulevard in downtown Middlesex, NJ. The new loan was originated by Benefit Street Partners Realty Trust, Inc. (“BSPRT”) and used to refinance the original construction loan provided by Procida Funding in 2018. The property commenced pre-leasing in late summer, received its first TCO in August, and was approximately 20% leased at loan closing.
The View is located in the heart of Middlesex, NJ offering its tenants a central regional location with easy transportation access plus walkability to local neighborhood shops. The View features upscale unit offerings with modern, quality designed interiors and amenities. The property consists of four, 5-story buildings featuring spacious one and two-bedroom apartments with elevators. The 200 rental units are divided among 140 one-bedroom and 60 two-bedroom units and the property includes 250 surface parking spaces, 96 covered parking spaces and 7,700 square feet of retail space. The property also features approximately 10,000 square feet of amenities including a gym, screening room, yoga room, lounge areas, a game room, wading pool, landscaped courtyards and roof deck.