One of the newest multi-family buildings in the Oranges has closed on a refinancing deal shortly after completing its initial lease-up following launch.
Reynolds Asset Management has announced they closed on a $30.5 million loan to refinance The Mural, a 103-unit luxury apartment community in Orange. The complex, which opened last May, is located at 606 Freeman Street in the heart of Orange’s Valley Arts District.
The five-year refinanced loan provides Reynolds with permanent debt as it moves into the next phase of managing the state-of-the-art complex. The Fannie Mae-anchored transaction was structured by lenders JLL Capital Markets, who worked with Pensam’s Ray Cleeman to provide the preferred equity.
“We are immensely proud of our work at The Mural, from inception to the grand opening,” said Matthew Earl, COO of Reynolds Asset Management. “This successful refinancing, with improved conditions from our previous loan, allows us to continue supporting the residents and this thriving community while enhancing the long-term value of the property.”
The Mural includes 59 one-bedrooms and 36 two-bedroom units with modern details, such as high ceilings, open floor plans and oversized windows. The complex is located at the site of the former Orange Valley Hardware store, with the lobby’s custom artwork created by nationally exhibited artist Dan Fenelon paying tribute to that history.
Amenities at The Mural include a covered parking garage, rooftop lounge with a grill area, fitness facility, and a resident lounge. The development is located two blocks from the Highland Avenue NJTransit Train Station.
Reynolds announced a $28.5 million refinanced bridge-to-perm construction loan for The Mural just about a year ago, which provided the flexibility to complete its lease-up and obtain permanent financing.
“The successful arrangement of this $30.5 million financing package for The Mural demonstrates the strength of the multifamily market in Orange and the wider Essex County area,” said JLL’s Thomas E. Didio, Jr. “This newly built luxury apartment community is well-positioned to meet the growing demand for high-quality rental housing in this vibrant suburban market with easy access to New York City.”
