Terra Capital Partners (TCP) announced today the closing of a $22.6 million first mortgage loan that will help fund a redevelopment project in East Orange, NJ.
Blackstone 360, the borrower, will turn a vacant eight-story office building into a 144-unit apartment complex. This will be the third project of this nature completed by the borrower. The other two redevelopments are within a half mile from this project.
“We are excited to establish a relationship with a sponsor as focused and experienced as Blackstone 360,” commented Dan Cooperman, Chief Originations Officer of Terra Capital Partners. “The site’s proximity to employment and education centers, as well as access to multiple modes of transportation, give us tremendous comfort that this will be yet another successful project for Blackstone 360, and in turn for Terra Capital.”
TCP sponsors Regulation D private offerings that are offered through independent broker-dealers to accredited investors. The company specializes in mezzanine and preferred equity investments in commercial real estate. TCP will fund up to 85% of the property’s underlying value lending on multifamily, hotel, office, retail and industrial properties in the U.S.
Established in 2002, TCP has financed or owned 300 properties nationwide.