New Jersey

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DevelopmentNew JerseyNewsNortheast

TFE Buys Property for New-Construction Development Near Philadelphia

by Lynn Peisner

BURLINGTON TOWNSHIP, N.J. — TFE Properties has acquired a 13-acre property at the corner of Fountain Avenue and the Burlington Bypass in Burlington Township, 26 miles northeast of Philadelphia. On the site, TFE, a development company based in East Windsor, New Jersey, will begin construction later this year on Spectrum Village, a four-building community that will feature one-, two- and three-bedroom units. A total unit count was not disclosed. Each apartment features a master bedroom, a balcony or patio, a full-sized washer and dryer, and a kitchen with quartz countertops …

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FinanceInvestment SalesNew JerseyNewsNortheast

Toll Brothers Sells Jersey City High-Rise

by Lynn Peisner

JERSEY CITY, N.J. — A joint venture that includes Toll Brothers Apartment Living has sold The Morgan at Provost Square to Rockpoint. JLL represented the seller and secured acquisition financing for Rockpoint. Terms of the sale were not disclosed. The Morgan at Provost Square is a 38-story high-rise built in 2016 that includes 417 units in studios and one-, two- and three-bedroom floor plans as well as penthouse units on the top floor. The Morgan at Provost Square is 97 percent occupied. Amenities include a rooftop pool with Manhattan-skyline views, …

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DevelopmentFinanceNew JerseyNewsNortheast

Maxal Group Secures First-Phase Financing for $1 Billion Riverfront Development in New Jersey

by Lynn Peisner

EDGEWATER, N.J. — S3 Capital has originated a $255 million construction loan for The Maxal Group’s 615 River Road, a multifamily project that will comprise the first phase of construction of a $1 billion redevelopment along the Hudson River in Edgewater. The 25-story community will include 381 units, ground-floor retail space and parking for approximately 500 vehicles. Amenities include a fitness center, indoor pool and hot tub, a sauna, golf simulator, sports court, workspaces and a stadium-style screening room. FXCollaborative is the architect, and CetraRuddy is the interior designer. Galaxy …

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Investment SalesNew JerseyNewsNortheast

Site Centers Corp. Sells New Jersey Mixed-Use Project for $53.2 Million

by Lynn Peisner

EDGEWATER, N.J. — JLL Capital Markets has arranged the $53.2 million sale of Edgewater Towne Center, a mixed-use property directly across the Hudson River from Upper Manhattan. The asset features 76,525 square feet of retail, anchored by Whole Foods Market, and 64 apartments located above the retail. JLL represented the seller, Site Centers Corp., and procured the local private buyer. The project was developed in 2000 and is set on 14 acres. The apartments were 94 percent occupied at the time of sale. JLL’s team was led by Jose Cruz, …

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DevelopmentFinanceNew JerseyNewsNortheast

Namdar Group Lands $220 Million Bridge Loan for Jersey City Project

by Lynn Peisner

JERSEY CITY, N.J. — Namdar Group has secured a $220 million bridge loan to refinance 626 Newark Avenue, a 576-unit, mixed-use project under development in Jersey City. The developer secured construction financing back in January 2024. Completion is slated for 2026. Walker & Dunlop arranged the financing with a team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer. TYKO provided the capital.

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Affordable HousingDevelopmentNew JerseyNewsNortheast

Pennrose Opens Residences at Harper in Moorestown, New Jersey

by Lynn Peisner

MOORESTOWN, N.J. — Pennrose has opened Residences at Harper, a 76-unit affordable housing property in Moorestown, 14 miles east of Philadelphia. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. The four-story building includes a mix of one-, two- and three-bedroom apartments. Five units will be set aside for formerly homeless individuals and families, four units will be accessible to residents with physical disabilities, and two units will be outfitted for residents with hearing and vision impairments. Amenities include a community room, …

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FinanceNew JerseyNewsNortheast

JLL Arranges $340 Million ReFi of New Jersey Transit-Oriented Development

by Lynn Peisner

JERSEY CITY, N.J. — JLL Capital Markets and BlueGate Partners have arranged a $340 million refinancing loan on behalf of Ironstate Development Co. and Panepinto Properties. Truist Financial Corp. funded the loans. The joint venture owners will use the financing for 50 & 70 Columbus, two high-rise towers constructed in 2007 and 2015 respectively. The properties are atop the Grove Street PATH station with direct access to Manhattan. JLL’s Debt Advisory team, representing the borrower, was led by Thomas Didio, Thomas E. Didio Jr., Gerard Quinn and Michael Mataras.

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URBY-Hoboken
DevelopmentFinanceNew JerseyNewsNortheast

PCCP Provides $162 Million Construction Loan for Hoboken Development

by Lynn Peisner

HOBOKEN, N.J. — Locally based Ironstate Holdings has secured a $162 million construction loan provided by PCCP for the development of Hoboken Urby, a 345-unit, transit-oriented development in Hoboken. Completion is slated for early 2028. The 16-story, 418,332-square-foot project will include 307 market-rate units, 38 affordable units and approximately 17,000 square feet of retail space, which will include a café. The site is less than a quarter of a mile from the Hoboken PATH train station. The unit mix will feature 29 studios, 220 one-bedrooms, 61 two-bedrooms and 35 three-bedrooms. …

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Investment SalesNew JerseyNewsNortheast

Veris Residential Sells The James in New Jersey for $117 Million

by Lynn Peisner

PARK RIDGE, N.J. — CBRE has arranged the $117 million sale of The James in Park Ridge, 27 miles north of Manhattan. Veris Residential was the seller. The buyer’s identity was not disclosed. The CBRE team representing Veris included Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE Institutional Properties and Roland Merchant and Tom Pryor of CBRE’s Investment Banking team. Built in 2021, The James consists of 240 units along with approximately 18,000 square feet of ground- floor retail space. Amenities include a fitness center with a …

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FinanceNew JerseyNewsNortheast

Kaplan Cos. Secures $38.4 Million ReFi Loan for New Jersey Adaptive Reuse Project

by Lynn Peisner

HELMETTA, N.J. — Kaplan Cos. has secured a $38.4 million loan to refinance The Lofts at Helmetta, a 200-unit community in Helmetta, located midway between New York and Philadelphia. JLL Capital Markets arranged the five-year, fixed-rate loan funded by Nuveen Capital. The Lofts at Helmetta is an adaptive reuse project. Kaplan Cos. converted a former factory, known as the Helme Snuff Mill Complex, into apartments back in 2017. The Helme Snuff Mill Complex was originally built in 1886 and operated for over a century before ceasing operations in 1993. The …

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