Category: Commercial Real Estate

Craig Nassi of Buchanan Development LLC has closed on $8 million in financing for 65 Buchanan Pl. The financing was placed by Robert Rynarzewski and Andrew Gladstone of Piermont Bank. The subject is a newly developed class-A multifamily property containing 25 residential units, and three commercial spaces. The seven-story property also has 12 parking spaces.

Piermont Bank are sizing the moment to help commercial real estate developers, owners and operators as big banks become timid in the shaky pandemic economy. “We’ve had a multitude of clients that were about to close deals with an existing bank,” said Robert Rynarzewski, head of commercial real estate at Piermont, “but the bank won’t return their phone calls. They’re leaving their clients at the closing table.”

Today there’s more uncertainty in the commercial real-estate market. Many lenders are telling clients they are “waiting to see how the market will play out.” Challenged by growing defaults, lenders are focused on tightening structures across their client base.

A study from The National Multifamily Housing Council highlights a 15 percent monthly drop in rent paid. With the worst potentially still yet to come. An article from Curbed highlights the confusion and uncertainty as various cities struggle to define real estate development

StorageBlue, New Jersey’s most consumer-centric and self-proclaimed lowest-priced self-storage brand continues their New Jersey expansion efforts with the grand opening of their Garfield location at 170 River Drive, Garfield, NJ 07026.The $6M project was financed by New York’s Piermont Bank and the location is now officially celebrating its grand opening.