Rockefeller Group Gets $70M Construction Loan for NJ Flexible-Stay Community

Capital One has provided a $70 million construction loan to The Rockefeller Group for the development of AVE Florham Park, a 256-unit, long-term stay community, Commercial Observer has learned.

New Jersey-based Deerwood Real Estate Capital brokered the financing, which carries a three-year term with two one-year extension options. Capital One syndicated the mortgage, carrying 65 percent on its balance sheet and giving the rest to New Jersey-based Provident Bank, according to a source with close knowledge of the deal. (A representative from Provident did not reply to a request for comment.)