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Fremont Investment Loan closed $135 million in financing for the construction of a new condominium tower located at 2 Second Street in Jersey City, NJ, on the Hudson River directly opposite midtown Manhattan.Fremont structured this loan for a repeat customer, Fisher Development, and quickly secured a participant lender, Emigrant Savings Bank.”Fremont has a successful relationship with Fisher Development, and we are enthusiastic about this well located development and its financially strong sponsorship,” said Richard Smith, vice president and loan originator for Fremont’s New York regional commercial real estate office.”We were able to provide them with the comfort of having only one other participating bank and, as a result, no syndication risk.”The project team combines the strength of the developer with the additional financial strength of RCG Longview and Ramius Capital. The site is one of Jersey City’s finest, and upon completion will rise 43 stories providing many units with outdoor terraces, along with city and water views up and down the Hudson River.Fremont Investment Loan is a wholly owned subsidiary of Fremont General Corporation (FMT:NYSE). Headquartered in Southern California, Fremont’s Commercial Real Estate Division originates custom tailored loans in all 50 states through nine regional offices.In 2005, the company closed $5.65 billion in loans for commercial real estate development; the New York office was responsible for $1 billion of that total.
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