Llenrock Group Secures $35M for Trenton Redevelopment Project (CoStar News)
Llenrock Group, an independent real estate advisory and investment banking firm, has secured $35 million in financing for the redevelopment of the old Roebling Steel factory on Clark St. in Trenton, NJ. The building will be converted into 138 luxury loft apartments.
The project is being developed by HHG Development Associates LLC as the first phase of a six-building, mixed-use redevelopment of the Roebling Steel complex. Construction can now begin, and should be completed by the first quarter 2017.
The financing package includes a $16.3 million construction to permanent loan, a $6.3 million historic tax credit bridge loan, and an $11.5 million New Jersey ERG bridge loan. Llenrock Group also worked with the sponsor in the facilitation of the sale of tax credits to an accredited investor.
“This project represents a turning point for Trenton. The collaborative effort of everyone involved is a testament to everyone’s belief and support in this project,” said Tim Deegan, director of capital markets at Llenrock Group.