New Jersey

49-South-Passaic-Avenue-Chatham
Investment SalesNew JerseyNewsNortheast

ICON Real Estate Investors Brokers $11.2M Sale in Chatham, New Jersey

by Lynn Peisner

CHATHAM, N.J. — New Jersey-based ICON Real Estate Advisors has arranged the $11.2 million sale of Chatham Arms, a renovated 31-unit building at 49 S. Passaic Ave. in Chatham, 27 miles west of Manhattan. The property was acquired by a private investor completing a 1031 exchange doing business as Cornerstone 2025 LLC, while the seller was named as Chatham Arms JV LLC. The building features studio, one- and two-bedroom residences with open floor plans, updated kitchens, hardwood flooring, 9-foot ceilings, stainless steel appliances and in-unit climate control systems. Common areas …

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jessica-heckman-Larken
Company NewsNew JerseyNewsNortheastPeople News

Larken Associates Promotes Jessica Heckman to Executive Vice President of Multifamily Operations

by Lynn Peisner

BRANCHBURG, N.J. — Larken Associates has appointed Jessica Heckman to the role of executive vice president of multifamily operations. In her new role, Heckman will oversee asset management, property management and leasing strategy and execution across the firm’s residential portfolio. Heckman first joined the company in 2008 and most recently served as director of residential asset management. Other titles held during her tenure include construction assistant, property manager and senior property manager. Branchburg-based Larken Associates owns a commercial portfolio that consists of office, industrial, retail, mixed-use and approximately 3,000 apartment …

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Carroll-St-Paterson
Affordable HousingDevelopmentNew JerseyNewsNortheast

WinnDevelopment and Partners Launch Construction of $26M Renovation of Carroll Street Houses in Paterson, New Jersey

by Lynn Peisner

PATERSON, N.J. —  WinnDevelopment, ART-JIUS, a locally based developer, and Rising Dove Carroll Street Houses, a nonprofit affiliate of Paterson’s Second Baptist Church, have begun the redevelopment of Carroll Street Houses, an 88-unit affordable housing community in Paterson. The $26 million renovation of the townhome-style property, originally developed in 1977, is anticipated to be complete within 18 months. Residents will remain in-place during construction. The LIHTC project will ensure rents remain affordable to households earning at or below 80 percent of area median income for the next 30 years. Rising …

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ECCO-Elizabeth
DevelopmentNew JerseyNewsNortheast

LeCesse, MAS Development Obtain $83.4M in Financing for Phase II of Project in Elizabeth, New Jersey

by Lynn Peisner

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group have begun construction of ECCO in Elizabeth. The project marks the second phase of Vintage City, which is a developer-branded live-work-play district anchored thus far by two multifamily properties from LeCesse and MAS. JLL arranged approximately $83.4 million in financing for the project in the form of a $63.2 million construction loan from Bank OZK and a $20.2 million mezzanine placement from PGIM. Phase I, known as Vinty, is a 267-unit property that was completed in 2022. ECCO, located at …

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BNE-Portfolio-NJ
FinanceNew JerseyNewsNortheast

JLL Capital Markets Arranges $296M Loan for New Jersey Portfolio

by Lynn Peisner

MORRISTOWN, N.J. — JLL Capital Markets has arranged a $296 million Freddie Mac Loan for an undisclosed borrower to refinance a 13-property, 1,880-unit portfolio across New Jersey. The garden style assets feature market-rate units at properties located in five New Jersey counties: Middlesex, Somerset, Union, Monmouth and Morris. The properties were developed between 1959 to 1999. JLL Capital Market’s debt advisory team representing the borrower was led by Michael Klein, Thomas Didio Jr., Michael Mataras and Joseph Gruber.

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The-Grove-at-Piscataway
Company NewsInvestment SalesNew JerseyNewsNortheast

Former Gebroe-Hammer Execs Launch Advisory Firm, Close First Deal

by Lynn Peisner

WEST ORANGE, N.J. — David Oropeza and David Jarvis, former executives at Livingston, New Jersey-based brokerage firm Gebroe-Hammer, have founded ICON Real Estate Advisors. The new multifamily investment sales firm has arranged its debut transaction with the $35.1 million trade of The Grove at Piscataway, a 110-unit property in Piscataway. The asset, developed in 2020, was 100 percent occupied at the time of the sale. ICON represented the undisclosed seller in the deal and sourced a buyer that was completing a 1031 exchange. Oropeza spent 38 years at Gebroe-Hammer Associates. …

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The-Waverton-Secaucus
Investment SalesNew JerseyNewsNortheast

CBRE Arranges $47.8 Million Sale of The Waverton in Secaucus, New Jersey

by Lynn Peisner

SECAUCUS, N.J. — Woodmont Properties and Canoe Brook Development have sold The Waverton in Secaucus, with Canoe Brook retaining its minority ownership. The asset, completed in 2022, traded for $47.8 million. The name of the buyer was not disclosed. A 30-Year PILOT agreement is in place at the property. Twenty percent of The Waverton’s 116 units are offered at affordable rents. Income restrictions were not disclosed. The property features a 191-space parking garage, a fitness center with a yoga studio and an outdoor lounge with grills, fire pits and an …

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SilverLake-Apartment-Belleville
Investment SalesNew JerseyNewsNortheast

Klein Enterprises Sells Belleville, New Jersey, Asset for $80 Million

by Lynn Peisner

BELLEVILLE, N.J. — JLL has arranged the sale of and financing for SilverLake Apartments, a 232-unit community in Belleville, 15 miles northwest of Manhattan. The seller was Klein Enterprises, and the buyer was Sym Investments. The asset, built in 2021, traded for $80 million. JLL arranged a $56 million Freddie Mac acquisition loan for Sym. SilverLake comprises two five-story buildings with a mix of studios, one- and two-bedroom units and 17,024 square feet of commercial space that is 100 percent leased. Seventy-one percent of the retail space is occupied by …

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Centennial-Seattle
CaliforniaInvestment SalesNew JerseyNewsNortheastPennsylvaniaWashingtonWestern

JRK Buys Three-Property Portfolio From Equity Residential for $400 Million

by Lynn Peisner

LOS ANGELES — JRK, a Los Angeles-based real estate investment firm, has acquired a three-property, $400 million portfolio from Equity Residential (NYSE: EQR). The properties are Centennial (408 units) in Seattle, 77 Park Avenue (301 units) in Hoboken, New Jersey, and C on Pico (94 units) in Los Angeles. Including this purchase, JRK acquired $1.3 billion in multifamily assets, encompassing 3,400 units, in the United States in 2025, including Edge 1909, a 364-unit property in the Strip District of Pittsburgh acquired in December. 

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Lackawana-Place-Morristown
Affordable HousingDevelopmentFinanceNew JerseyNewsNortheast

CBRE Arranges $40 Million Construction Loan for New Jersey Mixed-Income Project

by Lynn Peisner

MORRISTOWN, N.J. — CBRE has arranged a $40 million construction loan on behalf of a developer doing business as Lackawanna Place Morristown Urban Renewal LLC. The loan will fund the development of Morristown Station, a transit-oriented, mixed-income community adjacent to the Morristown stop on the New Jersey Transit System’s train with service to Newark, Hoboken and Manhattan. Morristown is 35 miles west of New York City. Truist Bank was the lender. The community will feature a mix of 76 market-rate and 13 affordable units and 5,111 square feet of ground-floor …

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