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Amboy Bank to Fund $23.6M Construction Loan for Somerville Apartments

Rendering of Cobalt Apartments in Somerville

Old Bridge, NJ., November 25, 2014 - Amboy Bank, based in Old Bridge, has provided Weiss Properties  a $23.6 million loan for The Cobalt Apartments, a 117 unit stunning new construction apartment community located on Veterans Memorial Drive in downtown Somerville, New Jersey. See more in the news on the project.

Situated in the heart of Somerville’s charming and rapidly growing redevelopment area, the Cobalt apartments will consist of 36 two-bedroom, 68 one-bedroom, 13 studio apartments and a two level parking deck which will provide new apartment living in an urban environment. “We are excited to be an integral part of Somerville’s growing redevelopment plans” said Robert Weiss, president of Weiss properties. “The residents of The Cobalt will be able to walk to the New Jersey transit station, main street restaurants and the Division Street Pedestrian Mall” he added.

Domenick Margiotta, senior vice president and chief lending officer at Amboy Bank said “Amboy has been financing commercial real estate for over 125 years and this $23.6M construction permanent loan represents Amboy’s commitment to financing the redevelopment of New Jersey’s communities.”

Weiss Properties is an active developer with over 30 Years of experience in residential and commercial development.  They are a hands on real estate manager of their properties and stress quality and superior tenant relations.

Founded in 1888, Amboy Bank a full-service commercial bank with 23 offices in Central New Jersey prides itself on quality service and responsiveness. Amboy Bank has been voted “Best Bank in Central Jersey” for the past 17 years in a row.

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