HOBOKEN, N.J. — Unilever (NYSE: UL) has opened its new, 111,000-square-foot office in Hoboken that will serve as the British conglomerate’s new U.S. headquarters. Unilever will occupy three full floors at 111 River Street, which is part of the three-building, 1.5 million-square-foot Waterfront Corporate Center complex. CBRE represented Unilever in the fall 2024 lease negotiations. New York City-based SJP Properties owns Waterfront Corporate Center, which is also home to tenants such as Lipton, Walmart and Newell Brands.
CHERRY HILL, N.J. — New York City-based Madison Realty Capital (MRC) and Chicago-based Pearlmark have provided $140 million in financing for the The Plaza Grande, a 507-unit active adult project located outside of Philadelphia in Cherry Hill. Units are reserved for renters age 55 and above. Amenities include an 18,500-square-foot clubhouse, golf simulator, indoor and outdoor pools, tennis and pickleball courts, a theater, sauna and massage rooms and lounge areas. The borrower, New Jersey-based Procida Funding & Advisors, will use the debt to complete construction and fund lease-up costs.
SOUTH ORANGE, N.J. — New Jersey-based developer Mark Built Homes has completed Mosaic South Orange, a 42-unit multifamily project located about 20 miles west of New York City. Units come in one-, two- and three-bedroom floor plans and range in size from 790 to 1,665 square feet. Residences are furnished with quartz countertops, custom cabinetry, full-size washers and dryers and smart technology, and select residences have private balconies and patios. Amenities include a rooftop deck and clubroom with lounge seating, a fitness center, coworking lounge and indoor and outdoor social spaces. Rents start at $2,995 per month for a one-bedroom apartment.
WALL TOWNSHIP, N.J. — JLL has arranged a $22.8 million loan for the refinancing of a 189,836-square-foot industrial property in Wall Township, located in coastal New Jersey. Built in phases between 2001 and 2006, the property at 1800 Route 34 consists of four buildings on an 11-acre site that feature clear heights of 16 feet, five dock-high doors, two drive-in doors and a total of 1,140 car parking spaces. Michael Klein, Max Custer, Ryan Carroll and Christian Badalamenti of JLL arranged the 10-year, fixed-rate loan through Grant Street Funding on behalf of the owner, The Donato Group. The property was fully leased at the time of the loan closing to tenants in field such as engineering, construction, healthcare and manufacturing.
PRINCETON, N.J. — New Jersey-based owner-operator Garden Communities has begun leasing Phase I of Lofts at Princeton, a 154-unit apartment complex in Central New Jersey. Phase I features one-, two- and three-bedroom units with a maximum size of 1,620 square feet. Lofts at Princeton will ultimately consist of 656 duplex and loft-style units that will be developed across three phases and amenities such as a pool, outdoor lounge with grilling stations, pocket parks, an entertainment/game room, children’s playroom and a package handling center. Rents start at $2,400 per month for a one-bedroom apartment.
SHORT HILLS, N.J. — The Silverman Group, a New Jersey-based developer, has broken ground on The Estates at Short Hills, a 62-unit multifamily project in Northern New Jersey. Designed by Michels & Waldron Associates, the property will feature 10 one-bedroom units, 49 two-bedroom apartments and three three-bedroom residences. Amenities will include a rooftop terrace, outdoor courtyard, fitness center, resident lounge and game room, package and mail rooms and garage bike storage. The building will also house 10,000 square feet of medical office space on the ground floor. The first units are expected to be available for occupancy in early 2027.
BOUND BROOK, N.J. — Locally based developer Denholtz has completed The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. Citizens Bank financed the project, construction of which began in May 2023. Rents start at approximately $1,800 per month for a studio apartment.
WILLOW GROVE, PA. — New Jersey-based financial intermediary G.S. Wilcox & Co. has placed an $18.2 million loan for the refinancing of a 123,397-square-foot retail building in Willow Grove, a northern suburb of Philadelphia. The property address was not disclosed, but the building is a freestanding grocery store that sits on a 12.4-acre site. Wesley Wilcox and Al Raymond of G.S. Wilcox originated the debt through an undisclosed life insurance company. The borrower was also not disclosed.
JERSEY CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $20 million sale of 70 Central Lofts, a 31-unit apartment building in Jersey City. Completed in 2024, the five-story building includes a 32-space parking garage and a 1,696-square-foot retail space, as well as 7,000 square feet of amenity space. Davis Briones of Kislak represented the seller, Legacy Development, in the transaction and procured the buyer, an entity doing business as 70 Central Lofts LLC.
JERSEY CITY, N.J. — Locally based developer Panepinto Properties has topped out 505 Summit, a 54-story apartment tower in the Journal Square area of Jersey City. Formerly known as Pathside, the property encompasses 605 units in studio, one-, two- and three-bedroom floor plans. The property will also feature 4,000 square feet of street-level retail space, a landscaped public plaza, parking garage and 304 bicycle storage spaces. Residential amenities will include an outdoor terrace with a pool, grilling stations, a resident lounge, coworking spaces, sports simulator and a fitness center. Pacific Life financed construction of the project. Leasing is scheduled to begin next spring.
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