Wednesday, December 18, 2024
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Village on the Green in River Vale, N.J.
Investment SalesNew JerseyNewsNortheast

Kushner Purchases Four-Property Portfolio in New Jersey for $80 Million

by Channing Hamilton

WESTWOOD AND RIVER VALE, N.J. — Kushner has purchased a portfolio of four properties totaling 276 units in Bergen County, located in the northeastern corner of New Jersey. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL Capital Markets represented the seller and procured the private buyer.  The portfolio includes Coventry Square, Stanford Court and The Madison Apartments, which are all located in Westwood, about 32 miles north of New York City. The fourth community, Village on the Green, is situated in the adjacent town of …

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Ivy & Green in Hackensack, New Jersey
FinanceNew JerseyNewsNortheast

Northwestern Mutual Provides $115 Million Loan for Refinancing of Ivy & Green in Hackensack, New Jersey

by Channing Hamilton

HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit community in Hackensack, about 20 miles north of New York City. The borrower was a partnership between Hornrock Properties and GTIS Partners. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan. Ivy & Green was developed in phases over the last several years. The first phase of the project delivered 221 units in March 2023. Phase II was completed …

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Mi-Place at West Rancocas 108 in Mount Holly, New Jersey
Investment SalesNew JerseyNewsNortheast

Universe Holdings Purchases Mi-Place at West Rancocas 108 in Mount Holly, New Jersey, for $33.6 Million

by Channing Hamilton

MOUNT HOLLY, N.J. — Universe Holdings has purchased Mi-Place at West Rancocas 108, a 108-unit property in Mount Holly, 30 miles east of Philadelphia. Feenmoor Homes sold the asset for $33.6 million. Chez Eider and Andrew Townsend of Marcus & Millichap’s New Jersey office represented the seller in the deal. Mi-Place at West Rancocas 108 consists of 96 apartments and 12 two-story townhomes. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and dog park.

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The Journal in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

Kushner Nears Completion of $1 Billion The Journal in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Kushner is nearing completion of The Journal, a roughly $1 billion project positioned adjacent to the Journal Square PATH station in Jersey City’s Journal Square area. Kushner broke ground on the development in 2022. The Journal consists of two 64-story towers, which have been topped out. Pre-leasing efforts are slated to begin in early 2025. Upon completion, The Journal will consist of more than 2 million square feet, including 1,723 apartments and 45,000 square feet of amenity space. The property includes 40,000 square feet of ground-floor …

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Artwalk Towers in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

KRE Group Receives $175 Million Construction Loan for 49-Story Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — KRE Group has secured a $175 million senior construction loan for the development of Artwalk Towers, a 49-story high-rise project located in Jersey City’s Journal Square neighborhood. Beverly Hills, California-based Kennedy Wilson provided the funding. Artwalk Towers will comprise 595 units. Upon completion, the building will feature a street connector to a PATH train station, pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. The project is slated for completion by the fourth quarter of 2027. KRE …

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Common on Pine in Jersey City, New Jersey
Investment SalesNew JerseyNewsNortheast

Redwood Realty Advisors Arranges $6.6 Million Sale of Common on Pine in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Redwood Realty Advisors has arranged the sale of Common on Pine, a 16-unit community located in the Bergen-Lafayette neighborhood of Jersey City. Recently completed in 2024, Common on Pine offers amenities such as a rooftop lounge, bike storage and a gym. The property also includes one ground-floor commercial space. The asset traded hands for $6.6 million. Steve Matovski represented the seller, 327 Communipaw LLC, and procured the buyer, an undisclosed long-term client of Redwood Realty Advisors.

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DevelopmentNew JerseyNewsNortheast

Prism Capital Partners to Develop 400-Unit Office-to-Residential Project in Woodland Park, New Jersey

by Channing Hamilton

WOODLAND PARK, N.J. — Locally based development and investment firm Prism Capital Partners will undertake a redevelopment project in Woodland Park, roughly 14 miles north of Newark, New jersey. Jose Cruz, Jeremy Neuer and Ryan Robertson of JLL represented the undisclosed seller in the disposition of the site. The developer plans to convert a 33-acre former office campus at 385 Rifle Camp Road into a 400-unit apartment community. Twenty percent (80 residences) of units will be set aside as affordable housing. Demolition work is currently underway, but a target completion …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Larken Associates Begins Pre-Leasing 120-Unit Community in Pohatcong, New Jersey

by Channing Hamilton

POHATCONG, N.J. — Larken Associates has begun pre-leasing Monte View at Pohatcong, a 120-unit garden-style community located at 1001 Monte View Drive in Pohatcong, less than a mile from the New Jersey-Pennsylvania border. The community consists of four buildings. One building includes a clubhouse on the ground level, which features a lounge, game room, coworking space and a kitchen. Additional amenities include a fitness center, pool with a tanning ledge, outdoor seating area with outdoor grills, children’s playground, dog park and pet spa. Monte View at Pohatcong is scheduled to …

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Investment SalesNew JerseyNewsNortheast

Kislak Arranges $3.5 Million Sale of Morris Mews Apartments in Long Branch, New Jersey

by Channing Hamilton

LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. (Kislak) has brokered the $3.5 million sale of Morris Mews Apartments, an 18-unit property located in Long Branch, approximately 50 miles east of Trenton, New Jersey. The two-story building was built in 1966. The unit mix includes 16 one-bedroom units and two two-bedroom units. The property was fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.

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Cornerstone at Lacey in Forked River, New Jersey
DevelopmentNew JerseyNewsNortheast

Walters Begins Developing 70-Unit Affordable Housing Project in Forked River, New Jersey

by Channing Hamilton

FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Lacey III, a 70-unit affordable housing project in Forked River, located along the Jersey Shore about 50 miles north of Atlantic City, New Jersey. Once completed, the nine-building project will offer units to households earning 60 percent or less of the area’s median income. Rates will be based on the renter’s gross annual income. The project represents the third and final phase of Cornerstone at Lacey. The first two phases of the development delivered 118 units …

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