Photo by Joe Ungaro Work is complete on ‘The Mural’ in the Valley Arts District of Orange.
Work is complete on ‘The Mural’ in the Valley Arts District of Orange.
ORANGE — Construction has been declared completed and leasing has begun on a 103 unit apartment building in the Valley Arts District of Orange.
The Mural apartment complex is located at 606 Freeman St. near the site of the former Orange Valley Hardware store and two blocks from the Highland Avenue Train Station.
“Celebrating the culmination of our vision for The Mural is not just a milestone, but a testament to our commitment in answering the needs of the community with modern living spaces,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “The successful refinancing of this project underscores the confidence our partners have in our approach and the value being brought to this area.”
Reynolds Asset Management also announced the successful closure of a $28.5 million refinancing loan for The Mural.
The refinanced loan is structured as a bridge-to-perm, retiring the in-place construction loan and providing the Reynolds team with the flexibility to complete its lease-up and to obtain permanent financing upon stabilization, according to a press release from Reynolds.
The refinanced loan was executed in partnership with lender Greystone Monticello, led by Managing Director Ross Brunello, and brokered by JLL Capital Markets, with a team made up of Managing Director Matthew Pizzolato, Senior Director Thomas E. Didio, Jr, Director Max Custer, and Associate Salvatore Buzzerio.
Reynolds broke ground on construction at the property in May 2022, completed construction in the summer of 2023, and officially began leasing efforts in September of that same year.
The Mural features eight studio apartments, 59 one-bedrooms, and 36 two-bedrooms designed with modern touches like high ceilings, open floor plans, and oversized windows.
Amenities include a covered parking garage, a rooftop lounge and grill area, a fitness facility, and a resident lounge. The Mural is conveniently located two blocks from the Highland Avenue Train Station, easing residents’ commutes, as well as several restaurants and shops.
“Greystone Monticello recognized the quality product Reynolds built and wanted to offer terms that would provide them flexibility and appropriate time to stabilize the asset,” said Brunello.
“JLL was pleased to have advised the Reynolds Asset Management team on the refinance of its recently developed multifamily project in Orange, New Jersey, The Mural,” said Pizzolato.
For more information on The Mural and its leasing opportunities, visit www.themuralnj.com.
About the Author
