JLL Capital Markets Arranges $49.5 Million in Financing for Walnut Hill in Clark, New Jersey

by Channing Hamilton November 21, 2023

CLARK, N.J. — JLL Capital Markets has arranged $49.5 million in financing for Walnut Hill, a 177-unit complex in Clark, 23 miles southwest of New York City. An affiliate of Garden Communities was the borrower. Evan Pariser, Matthew Pizzolato and Jackie Ferrer led the Debt Advisory team that represented the borrower and negotiated the 10-year, fixed-rate loan from Nationwide. Recently completed in 2023, Walnut Hill comprises 240,000 square feet across a pair of four-story buildings. Of the total unit count, 28 are affordable. Income restrictions for these units were not disclosed. …

November 21, 2023

Investment Sales New Jersey News Northeast

The Kislak Co. Negotiates $11.8 Million Sale of Brighton Estates in Belleville, New Jersey

by Channing Hamilton November 16, 2023

BELLEVILLE, N.J. — The Kislak Co. Inc. has negotiated the $11.8 million sale of Brighton Estates, a 95-unit property in Belleville, five miles north of Newark, New Jersey. Tom Scatuorchio of The Kislak Co. represented the seller in the deal. Andrew Scheinerman of The Kislak Co. procured the buyer. Both parties requested anonymity. Brighton Estates was built in 1962 and recently renovated. The community comprises 95 units across three two-story buildings. The unit mix includes 13 studios, 66 one-bedroom units and 16 two-bedroom units.

November 16, 2023

Development Investment Sales New Jersey News Northeast

CBRE, Cushman & Wakefield Broker $58 Million Sale of Harborside 4 in Jersey City, New Jersey

by Channing Hamilton November 8, 2023

JERSEY CITY, N.J. — CBRE and Cushman & Wakefield have brokered the $58 million sale of Harborside 4, a 1.3-acre site located at 20 Christopher Columbus Drive in Jersey City. Veris Residential sold the lot to Related Cos., which plans to develop an 800-unit high-rise building. Additional details about the project were not disclosed. Jeff Dunne, Bill Shanahan and Roland Merchant of CBRE co-brokered the deal in coordination with Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Ryan Dowd and Brian Whitmer.

November 8, 2023

Finance New Jersey News Northeast

Eastern Union Secures $74.2 Million Construction Loan for 256-Unit Project in Teaneck, New Jersey

by Channing Hamilton November 8, 2023

TEANECK, N.J. — Eastern Union has secured $74.2 million to refinance a construction loan for a 256-unit project currently under development in the northern New Jersey city of Teaneck. The transaction features a 36-month term and carried a 75-percent loan-to-cost ratio. The interest rate was set at 7.8 percent, with interest-only payments for the full term. Gabriel Sasson, a senior associate with Eastern Union, brokered the loan. Located at 329 Alfred Ave. near Route 4, the property rises six stories and comprises 250,000 square feet. The property owner and the lender …

November 8, 2023

160 Vroom Street in Jersey City, New Jersey

Investment Sales New Jersey News Northeast

CBRE Arranges $8.2 Million Sale of 41-Unit Property in Jersey City, New Jersey

by Channing Hamilton November 2, 2023

JERSEY CITY, N.J. — CBRE has negotiated the $8.2 million sale of a property located at 160 Vroom Street in the Journal Square neighborhood of Jersey City. A private investment group acquired the 41-unit asset from a New York City-based family office. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE Tri-State Capital Markets marketed the property and represented the seller in the negotiations. CBRE also procured the buyer. The property offers 22 one-bedroom units and 19 two-bedroom units, as well as on-site laundry facilities for residents.

November 2, 2023

Finance Investment Sales New Jersey News Northeast

JLL Capital Markets Arranges $27 Million in Financing for Edge Lofts in Hoboken, New Jersey

by Channing Hamilton November 1, 2023

HOBOKEN, N.J. — JLL Capital Markets has brokered the sale of and negotiated $27 million in financing for Edge Lofts in the New York City suburb of Hoboken. Edge Lofts comprises 69 units across two buildings located at 1405 Clinton and 1405 Adams St. The buildings each rise five stories, and were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. JLL Capital Markets …

November 1, 2023

Finance New Jersey News Northeast

Greystone Provides $21.6 Million Loan for Affordable Housing Property in Carteret, New Jersey

by Channing Hamilton October 24, 2023

CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners. Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property …

October 24, 2023

Development Investment Sales New Jersey News Northeast

CrownPoint Group Acquires 14.5-Acre Site to Construct Liberty Village in Randolph, New Jersey

by Channing Hamilton October 24, 2023

RANDOLPH, N.J. — Locally based CrownPoint Group has acquired a 14.5-acre site in Randolph, a city in northern New Jersey. The developer plans to build a 125-unit complex called Liberty Village on the site. Liberty Village will comprise 11 buildings. Of the total unit count, 20 percent will be subject to income restrictions. Apartments will come in two- and three-bedroom floor plans. Planned amenities include a fitness center, golf simulator and a dog park. CrownPoint Group expects to break ground on the project during the third quarter of 2024.

October 24, 2023

Development New Jersey News Northeast

Diversified Properties Begins Construction of Jefferson Place in Jefferson, New Jersey

by Channing Hamilton October 12, 2023

JEFFERSON, N.J. — Diversified Properties has broken ground on the first phase of construction at Jefferson Place, a development located on Hellers Lane in Jefferson. The first phase of the project will include an elevator-served building with 32 one and two-bedroom apartments. Units will range from 855 to 1,216 square feet in size. Planned amenities include private garages, a fitness center, outdoor lounge, grilling areas and individual storage units. Phase one is scheduled for completion in the fall of 2024.

October 12, 2023

240 West State Street in Trenton, New Jersey

Development Investment Sales New Jersey News Northeast

Fennelly Associates Brokers Sale of 16-Story Conversion Project in Trenton, New Jersey

by Channing Hamilton October 11, 2023

TRENTON, N.J. — Fennelly Associates has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The undisclosed buyer plans to redevelop the 16-story property into an apartment building. Plans for the new community include a mix of studio, one and two-bedroom units, as well as amenities such as a fitness center, pool and cafe. The company will also renovate the building’s parking garage. Jerry Fennelly of Fennelly Associates represented the seller, Garden State Commercial Properties, in the deal.

October 11, 2023