Terra Capital Partners is pleased to announce closing of a first mortgage loan backed by sponsor-owned residential condominium units in the Rialto-Capitol Condominium in Jersey City, NJ. The Rialto-Capitol Condominium is a 90% sold, 315-unit development with 50,000 square feet of amenity space. It is a part of The Beacon, a multi-property mixed-use redevelopment of the former Jersey City Medical Center. The Beacon is listed in the National Register of Historic Places and was awarded the 2009 "Project of the Year" award by the Urban Land Institute’s Northern New Jersey District Council.
"We are pleased to participate in a project of such historical significance and importance," said Dan Cooperman, Managing Director of Terra Capital Partners. "With our streamlined transaction approach and closing process we were able to meet the borrower’s tight deadline and close the transaction in three weeks."
Terra Capital Partners fills the gap between the first mortgage loan and the borrower’s equity by funding up to 90% of the value of the underlying property. TCP invests in loans backed by office, retail, multifamily and industrial properties located throughout the United States. The loans are sourced through mortgage brokers and strategic lending alliances with top senior lenders nationwide. Terra has complete discretion over its funds and typically holds its loans through maturity.
Since 2002, Terra has originated over 125 debt and equity investments nationwide.
For additional information please contact Dan Cooperman at (212) 753-5100 or visit our website: www.terracapitalpartners.com
