LLENROCK GROUP CLOSES ON $35 MILLION PERMANENT FINANCING FOR TRENTON ROEBLING STEEL FACTORY LUXURY LOFTS
The Lllenrock Group Converting Old Roebling Steel Factory in
Trenton, NJ into 138 Luxury Loft Apartments
PHILADELPHIA, PA (February 3, 2016) – Llenrock Group, an independent real estate finance and advisory firm, is pleased to announce it has secured $35,000,000 in financing for the redevelopment of the old Roebling Steel factory on Clark Street in Trenton, NJ. The factory will be converted into 138 lofts, a project being developed by HHG Development Associates, LLC.
Llenrock Group worked to provide HHG Development with a $16,300,00 construction to permanent loan, a $6,300,00 historic tax credit bridge loan, and a $11,500,00 New Jersey ERG bridge loan. Additionally, Llenrock Group assisted the Sponsor in the facilitation of the sale of tax credits to an accredited investor.
“It was a pleasure to work with our innovative sponsors,” says Tim Deegan, Director of Capital Markets at Llenrock Group, who spearheaded the transaction. “Their vision for the transformation of Trenton was inspirational. 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,” notes Deegan.
The project is the first phase of a six-building mixed-use redevelopment of the Roebling Steel complex. The Roebling Lofts are located across Route 129 and the Sun Bank Arena with a NJ Transit light rail station on-site. Construction on Roebling Lofts starts February 1st and should be completed by the first quarter of 2017.
For additional information or to schedule an interview with a Llenrock representative, please contact Tatiana Swedek at 267. 351. 6699. Please note that images are available upon request.
About the Company
Llenrock Group is an independent real estate advisory and investment- banking firm based in Philadelphia, PA. As a leading capital markets firm, Llenrock provides real estate debt, equity, joint venture partnerships and advisory services for projects from $5 million to $100 million nationwide. For more information, please visit Llenrock.com.