WEST NEW YORK, N.J.--(BUSINESS WIRE)--Ease Capital (“Ease”) has provided AIRN Management (“AIRN”) with $32 million in construction takeout financing for the lease up and stabilization of The Station Apartments, a 97-unit 10-story multifamily property located in West New York, NJ.
“We are excited to provide senior financing to the team at AIRN who has done a phenomenal job on the construction and lease-up of The Station,” said Charlie Oshman, Co-Founder of Ease Capital. “Ease was able to tailor a flexible financing solution to support AIRN’s business plan to pay-off their existing construction loan and fully stabilize the asset.”
Ease Capital’s Barclay Lynch, Head of Loan Originations, originated and structured the two-year, full-term interest-only, non-recourse debt. Mark Elletson of Maidstone Advisors represented the borrower and arranged the financing.
“We are extremely pleased with the performance of the Station and excited about our partnership with Ease Capital,” said Rick Budd, Chief Executive Officer of AIRN Management. “Ease was able to provide an accretive financing solution that offered the optimal structure for the execution of the next phase of our business plan for this well-positioned property.”
The Station, the premier class-A multifamily rental property in West New York, comprises 97 residential units and 1 commercial unit. Located just North of Hoboken and Weehawken in the North Hudson County submarket, The Station is ideally situated adjacent to transportation to both Manhattan and Jersey City. The amenity-rich property features a resident lounge with co-working space, a modern fitness center and an expansive rooftop with New York City skyline views. AIRN Management leased-up the property in under nine months and has achieved 99% occupancy. AIRN Management was further able to attract a fresh chain grocer to anchor the retail of the property, providing another amenity to tenants and long-term stability to investors.
About Ease Capital:
Ease Capital is a commercial mortgage lender that provides the simplest way to finance multifamily real estate. Ease provides borrowers flexible financing solutions from $5 million to $50+ million on multifamily and mixed-use multifamily assets across the country. Founded by an experienced team with decades of real-estate lending, data and technology expertise, Ease is vertically integrated with hands-on asset management. Ease offers a range of floating rate loan products including bridge, bridge-to-permanent, and permanent financing solutions for stabilized or near stabilized assets. Backed by leading institutional investors, Ease’s mission is to make real estate ownership more accessible. For more information, please visit www.easecapital.io.
About AIRN Management:
AIRN Management Co. LLC, a Delaware limited liability company, is headquartered in Secaucus, NJ.
About Maidstone Advisors:
Maidstone Partners, founded by Mark Elletson two decades ago, remains committed to offering comprehensive solutions and support tailored to meet clients' needs as the CRE industry undergoes a generational transition to private sector credit. Elletson notes that “market dynamics are responsible for the dramatic shift away from traditional banking relationships towards a growing pool of intellectual talent and capital in the private credit marketplace. Particularly noteworthy is Ease Capital's emergence as a key player in the multi-family sector, set to redefine industry standards by prioritizing efficiency and excellence.”
