Century Capital has just funded a $5 million acquisition loan to help purchase a large development property in the City of Orange, NJ. The borrower, an experienced NY-based developer with a proven track record of successful projects, plans to begin master planning the transit-oriented site located at 188 South Essex Street in Orange, NJ and prepare for a phased development. The City of Orange welcomes the improvement as a development of this scale will reinvigorate the local economy.
The property is a deserted hospital with seven standing buildings on 8.5 acres of land in the most desired area of Orange NJ.
A broker’s fee of $50,000 was paid at the closing.