METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …
JERSEY CITY, N.J. —The NRP Group has broken ground on an unnamed 401-unit development in the Port Liberté neighborhood of Jersey City. Joint venture equity investment for the project was provided by Rockwood Capital. G&S Investors is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans. Located at 190 Chapel Ave., the development is south of downtown Jersey City and adjacent to Liberty National Golf Course. The community, which is scheduled to open in summer 2025, will be NRP’s second development in Jersey City. …
HACKENSACK, N.J. — Northmarq’s New Jersey regional debt and equity office has arranged a $62 million construction loan for 321 Main Street in Hackensack. The seven-story, mixed-use building will include 270 apartments over two floors of garage parking and approximately 8,700 square feet of street-level retail. The property will consist of 20 studios, 189 one-bedroom units and 61 two-bedrooms. Amenities will include a dog-walking area, a third-floor elevated courtyard, a clubroom and fitness center, bike storage and a concierge desk. The project was conceived under the Hackensack Redevelopment Plan, which …
PARSIPPANY-TROY HILLS, N.J. — Locally based developer Accurate has broken ground on a 26-acre property at 100 Cherry Hill Road in Parsippany-Troy Hills, about 30 miles northwest of Manhattan. The project will consist of 325 units within two four-story buildings, both built above ground-level garage parking. Sixty-five of the units will be earmarked as affordable units. Rent restrictions were not disclosed. The developer is including 14 studios, 210 one-bedroom units, 88 two-bedroom apartments and 13 three-bedroom floor plans. Amenities will include a clubroom, fitness center and multi-sport lounge. The first …
JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Greystone’s Judah Rosenberg …
PRINCETON, N.J. — WinnCompanies has started construction on The Alice, a $63 million, mixed-income project in Princeton. The Boston-based developer is also preparing to start work on a 1.5 acre public park with a playground, seating and a dog park adjacent to the 125-unit apartment property. The Alice is expected to be complete and ready for occupancy by the summer of 2024. Of the 125 apartments, 100 will be leased at market rates and 25 will be available in rent restrictions ranging from 30 to 80 percent of area median …
NORTH BERGEN, N.J. — Redwood Realty Advisors has arranged the sale of a 24-unit property at 625 Kennedy Blvd. in North Bergen. Situated in New Jersey’s Gold Coast area, the asset sold for $2.5 million in an all-cash transaction. The property has had not changed hands in over 25 years. The undisclosed buyer and seller were both represented by Steven Matovski, director of Redwood Realty. All units at the 625 Kennedy Blvd. property are one-bedroom layouts. Roughly 30 percent of the units were vacant as of the close of sale. …
EAST BRUNSWICK, N.J. — AMS Acquisitions, a locally-based developer, has begun leasing Summerhill Gardens, a 96-unit property located near New York City in East Brunswick. Rents start at $2,400 per month for a one-bedroom unit. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center, business center with conference facilities, outdoor courtyards, grilling and dining areas, lounge, playground and dog run.
JERSEY CITY, N.J. — Veris Residential, the development and investment firm formerly known as Mack-Cali Corp., has completed the lease-up of Haus25, a 750-unit, 56-story tower in the downtown area of Jersey City. Haus25 offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, indoor and outdoor fitness areas, amphitheater, bowling alley, karaoke lounge, game room, golf simulator, pet spa and dog run. When leasing began in spring 2022, monthly rents for a studio apartment started in the low $3000s. The 56-story building is now approximately 93 percent …
HACKENSACK, N.J. — The Monocle Group has selected Greystar Real Estate Partners LLC, as property manager of 210 Main, a two-building, 126-unit property in downtown Hackensack. Formerly a historic bank building and one of Hackensack’s first architectural landmarks, 210 Main was converted to apartments in 2021. The community consists of the 11-story, 89-unit building at 210 Main St. and the interconnected four-story, 37-unit building at 214 Main St. Amenities include a 24-hour fitness center, concierge, outdoor lounge with barbecue grills and fire pits, rentable event lounge, community laundry room and …