$32M Loan Funds Apartment Construction

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WEST DEPTFORD, NJ-The developer of the to-be-built Riverwinds Cove Apartments has picked up a total of $32.3 million in financing, in a combination of both construction and permanent-debt funding. That developer, the locally based Grove Street Realty Urban Renewal LLC, will now proceed with construction of the community after receiving the financial backing from Merrill Lynch Capital.

“Our client sought a non-agency solution for the development of this new age-restricted multifamily complex,” says Ted Pomeroy of CB Richard Ellis Debt & Equity Finance, who arranged the deal for the borrower. “When it’s completed, it will be one of South Jersey’s most luxurious residential communities.”

Located at 390 Grove St. in the Thorofare section of this Gloucester County township, Riverwinds Cove Apartments is part of the larger Riverwinds redevelopment on more than 1,100 acres along the Delaware River, across that river from Philadelphia International Airport. The target date for completion is now listed as 2010, with actual construction expected to begin shortly. Grove Street Realty Urban Renewal had assembled the largely vacant waterfront site through a series of acquisitions beginning in 2003.

The actual number of units hasn’t been released, but the site plan calls for a build-out in the neighborhood of 260,000 sf of building space. Designed by architects Feinberg Associates of Gibbsboro, the community’s amenities will include a recreational complex, an outdoor amphitheater and a 2.8-mile walking trail along the Delaware River.

A restaurant and a hotel also part of the site plan. The community’s site is also adjacent to the existing Riverwinds Tennis & Golf Club, which will be available to residents.