Regional Capital Closes 64-Acre Parcel in West Windsor, NJ
Mercer County – “Einstein’s Alley” or the Route 1 Corridor: Home to a new Hilton Hotel and 140,000 SF of office space.
MARLTON,
NJ (OCTOBER 2006) – Regional Capital Group, a national
specialty real estate lending and investment company, recently
closed a $3,860,000 acquisition/ pre-development loan for a
Philadelphia based development firm. The developer executed
the contract to acquire the 64+/- acre parcel in 1998. After
six years and numerous revisions, hearings, meetings and negotiations,
the West Windsor Planning Board approved the plan for a 160-Room
Garden Hilton Hotel and conference facility along with approximately
140,000 SF of office space.
The developer also donated 27+/- acres to the Township in an effort to maintain the West Windsor’s natural surroundings. The Route 1 Corridor stretches from Lawrence Township to New Brunswick, New Jersey and is also known as, “Einstein’s Alley- New Jersey’s High Technology Corridor.” This Corridor is the home to numerous high technology firms and along the Route 1 Corridor in North Brunswick, The Technology Centre, a 50-acre research park is being developed by the NJEDA in an effort to foster creation and expansion of high technology businesses in New Jersey.
Project approval was granted after the developer spent the time and money necessary to meet the needs of the Township. Route 1 is a prestigious address, so many major technology companies are located in the region, or will be attempting to find office space on this Corridor. This has led to a reduction in the number of small office buildings, or multi-tenant structures due to the fact that big companies are purchasing sites for themselves. The plan calls for four office buildings designed for the small business owner. The need for banquet or meeting room space as well as a Hotel along the Corridor will also be met once this project is developed.
Regional Capital specializes in finding solutions to situations that may not fit for other lenders. Because of the multiple variables associated with this deal, it seems that the Lender would need to be a company very familiar with the site and the prestige of the Route 1 Corridor. The President of Regional, Paul Braungart, is very familiar with the site, as Regional Capital Group is also based in New Jersey and has previously funded projects in Mercer County. When it came time to actually close the deal and value the property, they were able demonstrate the value-added by the Borrower and close on time without any complications.
How did Regional Capital Group enable this outcome: RCG 1, Regional Capital Group’s fund designed specifically to accommodate loan requests for short-term Bridge and Construction financing for a variety of property types. We analyzed the project, studied the market and, because of the flexibility of RCG1, we were able to provide our borrower with the financing he needed for long term success rather than a quick fix,” Braungart reports.
ABOUT RCG 1
Announced in 2005, RCG 1 is a real estate fund designed specifically to accommodate loan requests that require funding for acquisition, land improvement, construction, rehab and reposition, bridge, joint venture, gap equity and mezzanine. Capitalizing on the extensive experience of the principals, this new fund allows RCG to continue a creative approach to real estate lending. The company has specialized in “thinking out of the box” when structuring a loan.
ABOUT REGIONAL CAPITAL GROUP
Regional Capital Group, a Direct Commercial Real Estate Lender based in Marlton, New Jersey, provides unique financing for real estate. Regional Capital Group offers an alternative to traditional financing sources with creative loan programs for commercial and residential properties. Funding may take the form of debt, participating debt, equity, or mezzanine. Regional Capital Group specializes in a variety of property types, including: multi-family, office, industrial, retail, mixed use, self-storage, and residential tract development. Loan programs include land, land improvement, construction, bridge, project rehabilitation, gap financing, and mezzanine loans. For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.
For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.
