North River Partners has recently provided a $31.5-million construction completion loan for The Willow at Long Branch, an 87-unit multifamily complex located in Long Branch, NJ. BACC Builders is the borrower for this project.
The anticipated completion date for The Willow at Long Branch is the first quarter of 2025. Situated at 258 Morris Ave and 272 Willow Ave, this four-story property will offer one- and two-bedroom units with high-end features such as custom cabinetry, quartz countertops, and smart technology.
According to Jeff Rosenfeld, managing partner at North River Partners: “Our focus remains on supporting emerging sponsors in developing much-needed housing options in undersupplied markets.” He further explains that by providing funding for projects like The Willow at Long Branch in a market with low vacancy rates and limited new supply helps to balance out rental prices.
This recent transaction exemplifies North River’s commitment to assisting developers who are working towards addressing housing shortages in various markets across the country.
