New Jersey

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

The Forge at Glassworks in Aberdeen, New Jersey

Investment Sales New Jersey News Northeast

Beachwold Residential Acquires Property in Aberdeen, New Jersey, for $57 Million

by Channing Hamilton February 4, 2025

ABERDEEN, N.J. — Beachwold Residential has purchased The Forge at Glassworks, a 170-unit community located at 118 Glassworks Blvd. in Aberdeen, roughly 40 miles south of New York City. Ingerman Group sold the property for $57 million. Built in 2017, The Forge at Glassworks offers a mix of one- and two-bedroom apartments, as well as three-bedroom townhome units. The average unit size is 1,077 square feet. Amenities include a lobby and clubroom, pool, fitness center with a sauna and yoga studios, game room and multiple outdoor spaces, such as a …

February 4, 2025

Three Bridges affordable housing development

Affordable Housing Berkadia Development New Jersey News Northeast

Berkadia Arranges $11.9 Million in LIHTC Equity for New Jersey Development

by Lynn Peisner January 29, 2025

READINGTON, N.J. — Berkadia has arranged $11.9 million in low-income housing tax credit equity for Apartments at Three Bridges, an affordable housing development in Readington. Conifer Realty is the developer. Senior Vice President and Head of Acquisitions Chris McGraw of Berkadia Tax Credit Solutions led the financing effort. Apartments at Three Bridges will consist of 80 townhome units across seven buildings. The homes are reserved for tenants earning between 20 and 60 percent of the area median income. Additional financing for the project will include a construction loan through Fulton …

January 29, 2025

Development New Jersey News Northeast

LCOR Breaks Ground on 386-Unit Development in Hoboken, New Jersey

by Channing Hamilton January 28, 2025

HOBOKEN, N.J. — Locally based developer LCOR has broken ground on Charlie, a 386-unit project in Hoboken. The 27-story building will be located within the $900 million Hoboken Connect mixed-use development. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Units will come in studio, one-, two- and three-bedroom floor plans. Twenty percent of the units will be set aside as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and …

January 28, 2025

CityLine East in Jersey City, New Jersey

Finance New Jersey News Northeast

The PRC Group Receives $68.5 Million for Refinancing of Two Communities in Jersey City

by Channing Hamilton January 22, 2025

JERSEY CITY, N.J. — The PRC Group has received four loans totaling $68.5 million for the refinancing of CityLine East and West, two communities totaling 342 units in Jersey City. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower. All loans carried fixed interest rates. The direct lenders were not disclosed. Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan for CityLine East, which was completed in 2021 and comprises 198 apartments. Additionally, Northmarq placed a $21.5 million senior loan …

January 22, 2025

55 Riverwalk Place in West New York, New Jersey

Development Investment Sales New Jersey News Northeast

IPA Capital Markets Arranges $174 Million in Acquisition Financing for Property in Suburban New York City

by Channing Hamilton January 8, 2025

WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit community in West New York, roughly nine miles north of New York City. The property is situated adjacent to the Hudson River and directly across from Manhattan. Built in 2006, 55 Riverwalk Place offers amenities such as a pool, fitness center, yoga studio, business center and grilling stations. According to the property website, units come in …

January 8, 2025

Development Finance New Jersey News Northeast

TYKO Capital Provides $245 Million Construction Loan for Jersey City High-Rise Project

by Channing Hamilton January 2, 2025

JERSEY CITY, N.J. — TYKO Capital has provided $245 million in construction financing for The Greyson, a 622-unit mixed-use community in Jersey City’s Journal Square neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres. Once completed in the first quarter of 2026, The Greyson will rise 28 stories. The building will house studio, one-, two- and three-bedroom apartments. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and …

January 2, 2025

Finance Investment Sales Market Reports New Jersey Northeast

Investors, Take Note of New Jersey’s Millennial, Commuter Renter Demand

by Channing Hamilton December 27, 2024

The New Jersey multifamily market continues to outperform across a variety of metrics. The state’s high population density combined with its proximity to major metropolitan areas like New York City and Philadelphia have bolstered demand for rental units, particularly among young professionals and commuters. In addition to these factors, the region exhibits strong demographics that support the growth and stability of the multifamily market. This is in part due to the regional proximity to some of the country’s best universities, making New Jersey residents exceptionally well-educated. Only three states have …

December 27, 2024

Village on the Green in River Vale, N.J.

Investment Sales New Jersey News Northeast

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

by Channing Hamilton December 17, 2024

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 …

December 17, 2024

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