New Jersey

JV Developers Lock in Financing for $102.9 Million Somerset County Project

by Lynn Peisner August 13, 2025

WATCHUNG, N.J. — JLL Capital Markets has arranged construction debt and equity for developers building Blue Hill at Watchung, a $102.9 million community in Watchung, 30 miles west of Manhattan. Completion is slated for 2026. The Sterling Properties Group and Danbro Properties are the developers. The property benefits from a 30-year PILOT (payment in lieu of taxes) agreement with the Borough of Watchung. PILOT agreements are government-sponsored incentives for developers to build housing, whereby the property owner pays an agreed-upon annual fee to a municipality versus traditional yearly property taxes. …

August 13, 2025

Finance New Jersey News Northeast

JLL Arranges $131.1 Million Refinancing for New Jersey Asset

by Lynn Peisner August 8, 2025

ELMWOOD PARK, N.J — JLL Capital Markets has arranged a $131.1 million loan for a private company headed by Bernard F. Langan to refinance Riverwalk Phase III and IV. The five-year, floating-rate loan was sponsored by MF1 Capital LLC, a joint venture between Limekiln Real Estate and Berkshire Residential. Riverwalk Phase III & IV (also known as The Landings at Riverwalk) consists of four buildings situated on a 7-acre site along the Passaic River. Phase III, comprising 240 units across two buildings, was completed in early 2023 and is currently 85 …

August 8, 2025

Development Leasing & Marketing New Jersey New York News Northeast

NRP Group Opens Jersey City Project

by Lynn Peisner July 29, 2025

JERSEY CITY, N.J. — The NRP Group and its partners, G&S Investors and Rockwood Capital, have completed development of Oliver on the Hudson and have opened the property. Oliver on the Hudson is a 401-unit community in the Port Liberté neighborhood of Jersey City, where Manhattan is about a 15-minute ferry ride away. KTGY Architecture and Planning served as the lead architect for the five-story building, with Bergmeyer overseeing interior design. Financing for the project includes senior construction loans from Citizens and Fifth Third Bank, with Rockwood Capital providing joint …

July 29, 2025

Leasing & Marketing New Jersey News Northeast

Woodmont, CBD Open Leasing at WoodBrook at Randolph in New Jersey

by Lynn Peisner July 23, 2025

RANDOLPH, N.J. — Woodmont Properties and Canoe Brook Development have launched leasing for WoodBrook at Randolph, a 199-unit community in Randolph, 40 miles west of Manhattan. The codevelopers broke ground in March 2024. WoodBrook at Randolph consists of a four-story, mid-rise building that houses 97 traditional units. The remaining residences are in townhome-style buildings. Amenities include coworking spaces, a resort-style pool, a game den with a sports simulator and a fitness center and yoga room.

July 23, 2025

Development New Jersey News Northeast

Marcus, Sterling and Danbro Close Deal for $104 Million New Jersey Development

by Lynn Peisner July 16, 2025

WATCHUNG, N.J. — Boston-based real estate investment and development firm Marcus Partners has joined the team constructing Blue Hill at Watchung, a 230-unit property in Watchung. Sterling Properties and Danbro Properties started the project, and completion is slated for December 2026. Blue Hill at Watchung, located 33 miles southwest of Manhattan, is set on about 42 acres. The property will feature six buildings and an amenity clubhouse with a resort-style pool, fitness center, coworking spaces, indoor-outdoor lounges, a dog park and a golf simulator. Approximately 20 acres of the site …

July 16, 2025

Investment Sales New Jersey News Northeast

Woodmont Properties Sells New Jersey Community for $43 Million

by Lynn Peisner July 16, 2025

INDEPENDENCE TOWNSHIP, N.J. — Sage Investment Real Estate Advisors has arranged the $43 million sale of Woodmont Liberty Apartments in Independence Township 60 miles west of New York City. Sage’s co-founding Partners Steve Tragash and Greg Pine represented the seller, Woodmont Properties, and procured the unnamed buyer. Woodmont Properties developed the property in 2023. The 120-unit community is comprised of one- and two-bedroom floor plans. Amenities include smart-home technology, private patios or balconies in select units, a fitness center, pool, clubhouse, coworking spaces, resident lounge, dog park and an outdoor …

July 16, 2025

Development Leasing & Marketing New Jersey News Northeast

JAG Opens J Centra Near Philadelphia

by Lynn Peisner July 14, 2025

BURLINGTON TOWNSHIP, N.J. — Jefferson Apartment Group (JAG) has begun leasing J Centra in Burlington Township, about 23 miles east of Philadelphia. The 500-unit property includes 100 units designated as affordable. Income restrictions were not disclosed. Individual buildings are opening gradually, about once per month starting in July, and the property will be fully complete in 2026. J Centra is operated by JAG’s property management division. SpringHarbor Financial Group and H.I.G. Realty Partners are joint venture and equity partners, respectively, with financing provided by United Bank. This development marks JAG’s …

July 14, 2025

Development Finance New Jersey News Northeast

Kaplan Cos. Locks in Construction Financing for Sayreville, New Jersey, Project

by Lynn Peisner July 10, 2025

SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027. Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. …

July 10, 2025

Development New Jersey News Northeast

Partnership Breaks Ground on $400 Million Jersey City Development

by Lynn Peisner July 3, 2025

JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028. In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 …

July 3, 2025

Investment Sales New Jersey News Northeast

CBRE Negotiates Morris Plains, New Jersey, Sale

by Lynn Peisner July 1, 2025

MORRIS PLAINS, N.J. — CBRE has arranged the value-add sale of The Highlands at Morris Plains, representing the undisclosed seller and procuring the buyer, a partnership between Shamah Properties and Sagard Real Estate. The asset price was not disclosed. CBRE’s team was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer. The Highlands at Morris Plains was built in 2003 and includes 116 units and such amenities as a clubhouse with a fitness center, a dog run, a courtyard with grills, package lockers and a 175-space parking deck.

July 1, 2025

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