24 Capital closes on $27.5 million loan to Aurora Development for N.J. 131-unit condo tower project

When the original investment group recalled its loan a half year ahead of schedule because of internal policy changes, Aurora Development Partners, LLC's Joint Venture Partners; Brian Stolar of The Pinnacle Companies and Alan Litt of Kohl Partners needed a bridge loan to continue marketing and sales and to complete site work for Aurora Over the Hudson. The developers already had pre-sold 22 units in twin residential condo towers. Without immediate financing, they would need to inform buyers - perhaps losing them - and halt additional sales commitments.   Direct lender 24 Capital provided these funds, in the amount of $27.5 million, and the partners can now move ahead on their plans.  When completed, Aurora Over the Hudson will hold 131 condos - ranging from 1,872 s/f to 3,724 s/f - with two underground parking spaces per home on a 3.32 acre tract.  "This site is located in the state's most desirable area, often referred to as New Jersey's Gold Coast, where despite the general slowing of the market, the pace of project sales remains strong," said Gregg Wolfer, president of 24 Capital.  "For this loan, the collateral's 'as is' market value easily supported the loan," Wolfer said, "and the area's proximity to New York City and corporate centers in the tri-state area are not going to change.  Considering that Aurora already has contracted with future residents, the prospects for successful development are excellent, even in the current environment."