New Jersey

Co-Developers Secure $120 Million in Construction Financing for New Jersey Mixed-Income Project

by Channing Hamilton March 18, 2025

NEWARK, N.J. — Co-developers LMXD and MCI Collective have received $120 million in construction financing for Museum Parc, a 250-unit mixed-income, mixed-use development located in downtown Newark. Merchants Capital arranged the financing, which consists of a $58 million Freddie Mac nine percent low-income housing tax credit forward permanent loan and a $62 million construction loan from Merchants Bank. Museum Parc will consist of a six-story building and a 12-story structure. Twenty percent of the residences at Museum Parc will be income-restricted. Forty-five units will be reserved for households earning at …

March 18, 2025

Investment Sales New Jersey News Northeast

Hudson Atlantic Arranges Sale of Vintage New Jersey Asset for $4.2 Million

by Lynn Peisner March 14, 2025

ENGLISHTOWN, N.J — Dante Fusaro of Hudson Atlantic has arranged the sale of Englishtown Village Gardens, an 18-unit property in Englishtown. The asset sold for $4,200,000, or $233,000 per unit. The apartments were built in 1945. Identities of the buyer and seller were not disclosed.

March 14, 2025

Investment Sales New Jersey News Northeast

The Kislak Co. Brokers $4 Million Sale of Complex in Millburn, New Jersey

by Channing Hamilton March 13, 2025

MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit asset in Millburn, 10 miles west of Newark, New Jersey. Located at 357 Millburn Ave., the three-story building was originally built in 1927. The unit mix includes 11 one-bedroom and four two-bedroom units, which were fully occupied at the time of sale. The property also includes four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, and procured the buyer, an entity doing business as Walton Millburn …

March 13, 2025

Affordable Housing Development New Jersey News Northeast

Walters Underway on Affordable Housing Development in Hainesport, New Jersey

by Channing Hamilton March 10, 2025

HAINESPORT, N.J. — New Jersey-based developer Walters is underway on the development of Cornerstone at Hainesport, a 73-unit affordable housing project in Hainesport, roughly 23 miles east of Philadelphia. The property will consist of six buildings. Units will come in one-, two- and three-bedroom layouts. The community will be available to households earning 60 percent or less of the area median income. Amenities include a basketball court, children’s play area and a clubhouse with computer workstations. The first apartments are expected to be available for occupancy by December.

March 10, 2025

Monte View at Pohatcong in Pohatcong, New Jersey

Development New Jersey News Northeast

Larken Associates Nears Completion of 120-Unit Project in Pohatcong, New Jersey

by Channing Hamilton March 6, 2025

POHATCONG, N.J. — Larken Associates is nearing completion of Monte View at Pohatcong, a 120-unit complex located at 1001 Monte View Drive in Pohatcong, roughly 23 miles east of Allentown, Pennsylvania. The property consists of three garden-style buildings and one four-story elevatored building. Units come in one- and two-bedroom floor plans. Residents have access to amenities such as a clubhouse, pool, dog run, tot lot, fitness center, coworking center and game room. Monte View at Pohatcong is slated for full completion by April 2025. The property is currently approximately 50 …

March 6, 2025

Finance New Jersey News Northeast

Alpine Residential Secures $81.2 Million Loan for Refinancing of Two Assets in Jersey City, New Jersey

by Channing Hamilton March 3, 2025

JERSEY CITY, N.J. — Alpine Residential has received $81.2 million in financing for Atlas and Starling, two properties located in the Bergen-Lafayette section of Jersey City. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL Capital Markets originated the two five-year, interest only fixed-rate Freddie Mac loans. The proceeds will be used to take out the existing construction loans, which were also arranged by JLL. Located at 270 Johnston St., Atlas comprises 169 apartments, including 11 affordable units. The community was built in 2025. Starling is located at 66 Monitor St. and offers …

March 3, 2025

Scholars Village in Jersey City, New Jersey

Development Finance New Jersey News Northeast

Alpine Residential Receives $142.7 Million Construction Loan for Project in Jersey City, New Jersey

by Channing Hamilton February 27, 2025

JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces. Thomas Didio, Thomas Didio Jr. and Michael Mataras …

February 27, 2025

Development Leasing & Marketing New Jersey News Northeast

The Hampshire Cos. Begins Leasing Ora in Hackensack, New Jersey

by Channing Hamilton February 25, 2025

HACKENSACK, N.J. — The Hampshire Cos. has launched leasing at Ora, a 270-unit complex in downtown Hackensack. The seven-story building features a mix of studio, one- and two-bedroom floor plans. Units feature in-unit washers and dryers, plank flooring, stainless steel appliances and quartz countertops. Monthly rents start at approximately $2,100 for a studio. Residents have access to a rooftop clubroom with a bar and billiards, outdoor terrace with fire pits and a courtyard with barbeque grills and dining areas. Additional amenities include a fitness center, coworking spaces and conference rooms, …

February 25, 2025

Investment Sales New Jersey News Northeast

Inland Acquires Community in Union, New Jersey, for $131.5 Million

by Channing Hamilton February 20, 2025

UNION, N.J. — An affiliate of The Inland Real Estate Group of Cos. Inc. has acquired Summit Court, a 393-unit property located at 450 Clermont Terrace in Union, approximately 20 miles southwest of New York City. A joint venture between Fidelco Realty Group and Diversified Properties sold the community for $131.5 million. Built in 2018 and 2023, Summit Court offers a mix of 351 market-rate apartments and 42 affordable housing units. However, income restrictions for the affordable residences were not disclosed. Apartments come in one-, two- and three-bedroom floor plans. The property was …

February 20, 2025

188 South Essex Ave. in Orange, New Jersey

Affordable Housing Development New Jersey News Northeast

Gateway Receives Site Plan Approval for $350 Million Project in Orange, New Jersey

by Channing Hamilton February 6, 2025

ORANGE, N.J. — Gateway Merchant Banking has secured site plan approval from the City of Orange Township Planning Board for the redevelopment of 188 South Essex Ave. The $350 million phased redevelopment project will convert the former Orange Memorial Hospital into a mixed-use development with 1,005 apartment units. Apartments will come in one-, two- and three-bedroom layouts. Up to 20 percent of the units will be set aside as affordable housing units. Additionally, Gateway states that it is pursuing partnerships in order to bring senior and student housing to the …

February 6, 2025

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