Reynolds secures $30.5M refinancing of The Mural

JLL & Pensam structure Fannie Mae Loan

Orange, NJ — Following a strong and successful lease-up, Reynolds Asset Management (Reynolds) closed on a $30.5 million loan to refinance The Mural, a 103-unit luxury apartment community in Orange. After celebrating the grand opening of The Mural in May 2024, this five-year refinanced loan provides Reynolds with permanent debt as it moves into the next phase of management of the state-of-the-art complex. The Fannie Mae anchored loan was structured by lenders JLL Capital Markets (JLL), who worked with Pensam’s Ray Cleeman to provide the preferred equity. The debt was brokered by JLL’s Thomas E. Didio, Jr. and Max Custer, marking their sixth successful closing with the duo in the last 12 months.

“We are immensely proud of our work at The Mural, from inception to the grand opening,” said Matthew Earl, COO of Reynolds Asset Management. “This successful refinancing, with improved conditions from our previous loan, allows us to continue supporting the residents and this thriving community while enhancing the long-term value of the property.”

The Mural, located at 606 Freeman St. in the heart of Orange’s Valley Arts District, was designed with residents in mind. The complex features eight studio apartments, 59 one-bedrooms, and 36 two-bedrooms with modern details, such as high ceilings, open floor plans and oversized windows. It boasts luxurious amenities, including its covered parking garage, rooftop lounge with a grill area, fitness facility, and a resident lounge. Located two blocks from the Highland Avenue Train Station, The Mural provides convenience and ease for resident’s commutes, as well as easy access to several restaurants and shops. The Mural is located at the site of the former Orange Valley Hardware store, and the lobby’s custom artwork, created by nationally exhibited artist Dan Fenelon, pays tribute to the history of the site and Orange Valley Arts District.

In January 2024, Reynolds announced a $28.5 million refinanced bridge-to-perm construction loan, providing the team with the flexibility to complete its lease-up and obtain permanent financing with this stabilization. The previous loan was also brokered by the JLL Capital Markets team, adding this refinancing to the list of successful deals completed between Reynolds and its partners, including projects in Shreveport, Louisiana, Hyde Park, Ohio and more.

“The successful arrangement of this $30.5 million financing package for The Mural demonstrates the strength of the multifamily market in Orange and the wider Essex County area,” said Didio, Jr. “This newly built luxury apartment community is well-positioned to meet the growing demand for high-quality rental housing in this vibrant suburban market with easy access to New York City.”

“We are pleased to have partnered on the refinancing of The Mural, helping Reynolds Asset Management secure the incremental capital required to complete the transaction,” said Cleeman, head of capital markets and lending at Pensam. “This partnership reflects both our focus on creating programmatic lending relationships with innovative multifamily sponsors, and our commitment to delivering flexible and innovative capital solutions that empower our partners to achieve their strategic goals while maximizing the value of their investments.”