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West Side Square in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Partnership Secures $169 Million Construction Loan for 477-Unit Development in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — West Side Square Development Fund, a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for West Side Square in the Journal Square neighborhood of Jersey City. Bravo Property Trust provided the debt. West Side Square will offer 477 units in studio, one- and two-bedroom floor plans. Amenities will include coworking space, an outdoor deck with a pool and grilling stations, fitness center, community room and dog run. The property will also feature 9,841 square …

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Mount Laurel Crossing in Mount Laurel, New Jersey
Investment SalesNew JerseyNewsNortheast

JLL Capital Markets Arranges $80 Million Sale of Mount Laurel Crossing in Mount Laurel, New Jersey

by Channing Hamilton

MOUNT LAUREL, N.J. — JLL Capital Markets has arranged the sale of Mount Laurel Crossing, a 296-unit community in the Philadelphia suburb of Mount Laurel. Colony Hills Capital, an investment management firm based in Wilbraham, Massachusetts, purchased the asset for $80 million. JLL represented the undisclosed seller in the deal. Fran Coyne, Carl Fiebig, Jose Cruz, Mike Oliver, Samantha Kupersmith and Tyler Margraf led the JLL Capital Markets Investment Sales and Advisory team. Mount Laurel Crossing was built in 1999. The property offers one-, two- and three-bedroom units. The average unit …

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Avalon Hackensack at Riverside in Hackensack, New Jersey
Investment SalesNew JerseyNewsNortheast

JLL Capital Markets Brokers Sale of 226-Unit Avalon Hackensack at Riverside in Hackensack, New Jersey

by Channing Hamilton

HACKENSACK, N.J. — JLL Capital Markets has arranged the sale of Avalon Hackensack at Riverside, a 226-unit community located at 414 Hackensack Ave. in the New York City suburb of Hackensack. JLL worked on behalf of the undisclosed seller. The buyer and sale price were also not disclosed. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce led the JLL Capital Markets team. Avalon Hackensack at Riverside was built in 2013. The community offers studio, one-, two- and three- bedroom apartments. Select units feature balconies, patios, dens and …

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An unnamed community in Dover, New Jersey
DevelopmentNew JerseyNewsNortheast

Crossroads Cos., CrownPoint Group Break Ground on 90-Unit Development in Dover, New Jersey

by Channing Hamilton

DOVER, N.J. — A joint venture between Crossroads Cos. and CrownPoint Group Inc. has broken ground on a 90-unit development located at 80 East McFarlan St. in downtown Dover, 31 miles west of New York City. Columbia Bank provided construction financing for the project. Circle Squared Alternative Investments provided equity financing. L2i Construction is the general contractor, with Crossroads Companies serving as the project lead.  Minno & Wasko Architects and Planners designed the community. Once completed, the six-story building will house a mix of studio, one- and two-bedroom units. Nine units …

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Bisby in Newport, New Jersey
Leasing & MarketingNew JerseyNewsNortheast

The LeFrak Organization Begins Leasing 34-Story Bisby in Newport, New Jersey

by Channing Hamilton

NEWPORT, N.J. — The LeFrak Organization has begun leasing Bisby, a 34-story high-rise community situated in Newport, which is situated across the Hudson River from Lower Manhattan. The property offers 385 units in studio, one-, two-, three- and four-bedroom floor plans. Monthly rates begin at $3,445 for a studio apartment. Amenities include a 33,000-square-foot rooftop terrace with a pickleball court, dog run and an outdoor kitchen, as well as a co-working center, golf simulator, content studio and dog spa. The project was designed by Minno & Wasko Architects & Planners. …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Adoni Property Group Opens 40-Unit The Franklin Westfield in Westfield, New Jersey

by Channing Hamilton

WESTFIELD, N.J. — Adoni Property Group has opened The Franklin Westfield, a 40-unit community in Westfield, 16 miles southwest of Manhattan. The community offers one-, two- and three-bedroom units ranging from 750 to over 2,650 square feet. Amenities include a rooftop deck, pool, putting green, lounge and dining/wine tasting room, fitness center, multi-sport simulator, business center, quiet room, pet wash and dog park.

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Investment SalesNew JerseyNewsNortheast

JLL Capital Markets Brokers $54 Million Sale of Development Site in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — JLL Capital Markets has negotiated the sale of a 1.7-acre development site at 107 Morgan Street in the Waterfront neighborhood of Jersey City. Upon completion, 107 Morgan Street will offer approximately 650 apartments, as well as ground floor retail and amenity space. LCOR Inc. acquired the site from Veris Residential for $54 million. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL Capital Markets represented the seller and procured the buyer in the deal.

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The Ivy in Chatham, New Jersey
Investment SalesNew JerseyNewsNortheast

JLL Capital Markets Arranges $103 Million Refinancing for The Ivy in Chatham, New Jersey

by Channing Hamilton

CHATHAM, N.J. — JLL Capital Markets has arranged a $103 million loan for the refinancing of The Ivy, a six-story community in the New York City suburb of Chatham. JLL worked on behalf of the borrower, BNE Real Estate Group, to secure the 10-year, fixed-rate loan through The Northwestern Mutual Life Insurance Co. Michael Klein, Thomas Didio and Ryan Carroll led the JLL Capital Markets Debt Advisory team. Completed in 2023, The Ivy offers 245 units in one-, two- and three-bedroom layouts. Units average 1,158 square feet. Amenities include a pool, …

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Max on Morris in Morristown, New Jersey
Affordable HousingInvestment SalesNew JerseyNewsNortheast

The Hampshire Cos. Sells 85-Unit Max on Morris in Morristown, New Jersey

by Channing Hamilton

MORRISTOWN, N.J. — The Hampshire Cos. has sold Max on Morris, an 85-unit community located at 175 Morris Street in Morristown. Built by The Hampshire Cos. in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room, outdoor amenity deck with grilling stations, bike storage and EV charging stations. The property also offers four affordable residences and 14 supportive housing units designed for residents with special needs operated by locally-based Cohome. Cushman & Wakefield represented the seller and the private buyer in the …

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FinanceInvestment SalesNew JerseyNewsNortheast

BridgeInvest Provides $34.5 Million Acquisition Financing for The Pennington in Passaic, New Jersey

by Channing Hamilton

PASSAIC, N.J. — BridgeInvest has provided a $34.5 million loan to The Birch Group to finance the acquisition of The Pennington, a 147-unit property in the New York City suburb of Passaic. The Pennington is situated on 3.6 acres at 119-231 Pennington Ave. Amenities include a community room, children’s playroom and male and female gyms. According to the property website, units come in studio, one-, two- and three-bedroom layouts.

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