Company receives for $26M construction loan for Orange apartments project

ORANGE, NJ — Reynolds Asset Management has announced the closing of a $26 million construction loan from OceanFirst Bank in support of its Orange Valley Apartments project in Orange. The loan, brokered by George Gnad of Lenders Capital, is the largest construction loan in Reynolds’ company history. 

“We are extremely proud to partner with Reynolds Asset Management on this exciting new project,” said Michael Coleman, senior vice president at OceanFirst Bank. “OceanFirst strives to partner with talented and driven professionals like (Reynolds founder and CEO) Lou Reynolds and (chief operating officer) Matthew Earl, and to support projects that will have a positive impact on the local community.” 

The project site for Orange Valley Apartments is located at 606 Freeman St., a commuter-friendly location in the heart of Orange. When complete, the multifamily development will feature 103 units, covered parking, a roof deck, a gym, a business center and modern-lux finishes. Currently, the project is anticipated to be completed in November 2023. 

“We could not be happier to be working with OceanFirst, who share our vision for the community and its residents,” Reynolds said. “(OceanFirst Commercial Construction and Real Estate Director and Executive Vice President) Stan Koreyva, Mike Coleman and their team were a pleasure to work with and we look forward to a long-lasting partnership with them. We are proud of the project we put together in Orange, a city we are very bullish on and a property which will set the market for apartments in the area.”

  Redevelopment