How CoreVest helped finance a completed luxury residence concurrent with two luxury ground-up construction projects in Montclair, New Jersey

A single acquisition can create multiple opportunities—capitalizing on each one may require a more bespoke financing solution.

For one experienced developer in Montclair, New Jersey, the opportunity included a newly built luxury residence and two adjoining buildable lots. Rather than approaching each property as an isolated transaction, CoreVest structured three loans totaling $7.1 million—providing the capital needed to market the finished residence while funding the construction of two similar homes, allowing the borrower to leverage economies of scale.  

Deal Highlights

• Location: Montclair, New Jersey

• Total financing: $7.1 million

• Completed residence: $2.9 million bridge refinance

• Ground-up construction: Two, $2.1 million loans

• Construction proceeds at closing: Approximately $600,000 per project

• Anticipated aggregate project sellout: More than $10 million

The Opportunity: One Site with Three Distinct Strategies

The original acquisition included three adjacent properties: a luxury residence and two development lots.

After renovating the existing home with his own capital, the borrower needed capital and time to market the completed property without delaying development of the adjoining lots. Each asset had its own timeline and business plan, and all three were part of the broader investment strategy.

The developer needed a lender capable of looking beyond the individual transactions and structuring a coordinated financing package that meets both immediate and longer-term requirements.

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The Solution: Three Loans Working Together

CoreVest provided a $2.9 million bridge refinance on the completed residence, giving the borrower a 12-month runway to market and sell the property.

As the home was already renovated, bridge to sale financing was the ideal vehicle to support the sale of the property. The bridge loan allowed the developer to access capital from the finished asset while pursuing a sale-focused strategy in one of Northern New Jersey’s premier residential markets.

CoreVest also provided two separate $2.1 million Ground-Up Construction loans for the adjoining lots. Approximately $600,000 was released at each closing, enabling work on both new luxury residences to move forward.

Together, the three loans created a complete $7.1 million financing solution aligned with each property’s stage and intended exit.

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The Result: More Value from a Single Acquisition

The Corevest financing helped transform one acquisition into three independently financed opportunities:

• A completed luxury residence with time to pursue the right sale

• A fully financed ground-up construction project on the first adjoining lot

• A second fully financed build on the remaining lot

With an anticipated aggregate sellout exceeding $10 million, the project demonstrates the value of working with a lender that can finance the broader investment strategy—not merely the transaction in front of it.

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Construction Financing That Scales with the Builder

Whether a developer is building one property or an entire rental community, CoreVest offers financing designed around the size, scope, and intended outcome of the project.

The Ground-Up Construction program supports single properties and multi-collateral developments with loan amounts from $250,000 to $7.5 million. Builders can access up to 93% of total project cost, including 100% of the construction with flexible 12- to 24-month terms, financed interest reserves and a dedicated construction manager to help keep draws and project milestones moving.

For larger developments, the Build-to-Rent program provides $3 million to $30 million or more for new single-family and townhome rental communities. The program combines construction and long-term financing through a single source, providing certainty of capital from groundbreaking through stabilization.

This breadth allows CoreVest to support builders as their strategies evolve—from an individual luxury home to a multi-property development or full build-to-rent community.

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Why Builders and Developers Work with CoreVest

CoreVest combines specialized construction financing with the strength and resources of a full-service residential real estate lender.

• Certainty of execution: Backed by Redwood Trust, CoreVest owns the loan decision and provides dependable capital through changing market cycles.

• Tailored financing: Loans are structured around the project, the borrower’s strategy and the intended exit—whether that means selling, refinancing or holding.

• In-house expertise: Capital Markets, Underwriting, and Construction Management teams work together throughout the financing process.

• Dedicated construction support: Builders receive experienced guidance with budgeting, inspections, draws, and project oversight.

• Lifecycle lending: CoreVest can provide capital across acquisition, construction, stabilization, and long-term ownership.

• Scalable solutions: Programs support projects ranging from a single new home to large build-to-rent communities.

For this Montclair developer, that meant three properties, three loans, and one institutional capital solution.

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Bring Us Your Next Project

Whether you are planning a single ground-up build, developing multiple properties or creating a new rental community, CoreVest can help structure the capital to move your project forward.

Request financing or connect with a CoreVest lending expert at (844) 223-7496 to discuss your next opportunity.

For informational purposes only. This is not a commitment to lend. Loan amounts are approximate. All loans are subject to borrower underwriting, credit approval, and additional restrictions.

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