Friday, November 15, 2024
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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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DevelopmentNew JerseyNewsNortheast

The Community Builders Completes 92-Unit Mixed-Income Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income community in the McGinley Square neighborhood of Jersey City. The property offers studio, one-, two- and three-bedroom apartments. Fifty units are subject to income restrictions. Amenities include a community lounge with a kitchenette and screening area, children’s playroom, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed Fairview Heights. Sisca Northeast Associates served as the general contractor.

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Valley View Park in East Hanover, New Jersey
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

KRE Group Begins Leasing 239-Unit Valley View Park in East Hanover, New Jersey

by Channing Hamilton

EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit community in East Hanover, approximately 30 miles west of Manhattan. The property was named after a golf course that occupied the site from 1937 to 1973. The project team broke ground on the community in April 2023.  The property consists of five four-story buildings, which house one- and two-bedroom units. Of the total unit count, 34 residences are subject to income restrictions. Amenities include a pool, fitness center, indoor and outdoor children’s play …

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Investment SalesNew JerseyNewsNortheast

The Kislak Co. Arranges $5.8 Million Sale of 44-Unit Indian Oaks Apartments in Atlantic City, New Jersey

by Channing Hamilton

ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit property in Atlantic City. The asset traded hands for $5.8 million. Joni Sweetwood of Kislak represented the seller and procured the buyer in the deal. Both parties requested anonymity. The community consists of 11 buildings, which were recently renovated. The unit mix includes 10 one-bedroom apartments, six two-bedroom apartments and 28 two-bedroom townhouses.

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Investment SalesNew JerseyNewsNortheast

Marcus & Millichap Arranges $2.3 Million Sale of 15-Unit Property in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Marcus & Millichap (NYSE: MMI) has brokered the $2.3 million sale of a 15-unit property located at 19 Hopkins Ave. in Jersey City. Built in 1910, the property features studio, one- and two-bedroom units. Jonathan Zamora of Marcus & Millichap marketed the property on behalf of the seller, a local private investor, and procured the buyer, 19 Hopkins Ave LLC.

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