REBusinessOnline

AMS Acquisitions Buys Age-Restricted Community in Sayreville, New Jersey for $13M

SAYREVILLE, N.J. — AMS Acquisitions LLC, a New York City-based investment firm, has purchased a two-building, age-restricted housing community in Sayreville, located in northern New Jersey. AMS acquired the property from New Jersey-based development firm Gillette for $13 million. The property includes an 80-unit building, known as Gillette Towers, with one-bedroom floor plans reserved for persons age 55 or older. AMS will break ground on a 56-unit building later this spring. Amenities include …

The Silver Lining of the Amazon HQ2 Outcome in Northern New Jersey

Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and …

Devli Group, Aspen Realty Acquire 129,632 SF Office Complex in Eatonton, New Jersey

EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. …

Walters Completes 100-Unit Seniors Housing Community in Manahawkin, New Jersey

MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county's median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and …

KRE Group Receives $45M Construction Loan for New Jersey Apartment Project

BAYONNE, N.J. — New Jersey-based development and management firm KRE Group has received a $45 million construction loan for Harbor Station North, a 200-unit apartment project in Bayonne, located across from Brooklyn. The three-building property will include 10,000 square feet of retail space and offers access to multiple public transit lines. PNC Bank and People’s United Bank provided the three-year loan, which was placed by George Gnad of Avison Young. The project is expected to be …

BNE Real Estate Begins Leasing 260-Unit Apartment Community in Jersey City

JERSEY CITY, N.J. — Locally based developer BNE Real Estate Group, in partnership with Hoboken Brownstone Co. and McKinney Properties, has begun leasing The Enclave, a 260-unit multifamily community in Jersey City, located across the Hudson River from Manhattan. Apartments include studio, one- and two-bedroom units with 9-foot ceilings, quartz countertops, stainless steel appliances, washers and dryers and private balconies in select units. The Enclave offers more than 40,000 square feet of …

Tremont Mortgage Trust Provides $37.6M Acquisition Loan for Industrial Facility in New Jersey

BARRINGTON, N.J. — Boston-based commercial lender Tremont Mortgage Trust has provided a $37.6 million first mortgage bridge loan for the acquisition of Barrington Business Center, a 931,682-square-foot industrial facility located in Barrington, just south of Philadelphia. The multi-tenant property offers convenient access to I-295 and the New Jersey Turnpike, 30- to 34-foot clear heights and was approximately 94 percent occupied at the time of the loan closing. The floating-rate financing …

RED Arranges Acquisition Financing for $60M Apartment Portfolio in Union City, New Jersey

UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance …

Prism Capital Partners to Develop Two Office Towers Totaling 400,000 SF in Clifton, New Jersey

CLIFTON, N.J. — Prism Capital Partners, a locally based owner-operator of commercial properties, will develop two office buildings in Clifton, New Jersey, a northern suburb of Newark. The project will add approximately 400,000 square feet of Class A space to ON3, the company’s 116-acre campus in Clifton that also extends into nearby Nutley Township. Prism has retained Chicago-based Goettsch Partners to design the buildings, construction timelines for which have not yet been released. Prism …

JLL Arranges $31.5M Loan for Refinancing of Self-Storage Facility in Belleville, New Jersey

BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a …

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