New Jersey

Love Funding Arranges $7.9M Loan for Affordable Multifamily Community in Newark, New Jersey

by Amy Works December 15, 2017

NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.

December 15, 2017

New Jersey Northeast Office

NAI Hanson Arranges Sale of 11,000 SF Office Building in Mountain Lakes, New Jersey

by Amy Works December 14, 2017

MOUNTAIN LAKES, N.J. — NAI James E. Hanson has brokered the sale of The Plaza at Mountain Lakes, an office building located at 60 Midvale Road in Mountain Lakes. Giovanna Levato acquired the 11,000-square-foot property from 60 Midvale LLC for an undisclosed price. The two-story multi-tenant office building features ample parking and flexible zoning allowing for both office and retail uses. Andrew Kirshenbaum, Barry Mayer, Arthur Hixson, Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.

December 14, 2017

Industrial New Jersey Northeast

Kenco Logistics Leases 401,008 SF of Distribution Space in Logan, New Jersey, from Dermody Properties

by Amy Works December 14, 2017

LOGAN TOWNSHIP, N.J. — Kenco Logistics has signed a lease to occupy space at 395 Pedricktown Road, a storage and distribution facility located at Dermody Properties’ LogistiCenter at Logan Industrial Park in Logan. The company, which specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology, will utilize 401,008 square feet of the facility for storage and distribution of its customers’ products. Ware Malcomb provided architectural services and Blue Rock is serving as contractor for the tenant improvements. Kenco is expected to move into the building in January. A remaining 80,750 square feet of the building is available for lease. LogistiCenter at Logan is a 1,100-acre, master-planned Class A industrial park. Marc Isdaner, Mark Chubb and Michael Zerbe of Colliers International represented Dermody Properties, while Vincent Ranalli and William Goodwin of CBRE represented Kenco in the lease transaction.

December 14, 2017

Loans Multifamily New Jersey Northeast

KeyBank Arranges $21.3M in FHA Financing for New Jersey Multifamily Property

by Amy Works December 13, 2017

EAST ORANGE, N.J. — KeyBank Real Estate Capital has arranged a $21.3 million FHA first mortgage loan for Aura 240, a multifamily property located in East Orange. Originally built in 2012 as a six-story office building, the property was expanded and converted into a 15-story, 96-unit multifamily property. Tom Peloquin of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The loan was used to refinance existing debt.

December 13, 2017

Loans Multifamily New Jersey Northeast

Houlihan-Parnes Secures $13.5M in Financing for Multifamily Property in Shrewsbury, New Jersey

by Amy Works December 13, 2017

SHREWSBURY, N.J. — Houlihan-Parnes Realtors has secured a $13.5 million non-recourse first mortgage for a multifamily property located in Shrewsbury. The garden-style apartment community features 160 residential units and one retail unit. Robert Tiburzi Jr. of Houlihan-Parnes arranged the financing for the undisclosed borrower. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal advice for the borrower.

December 13, 2017

Industrial New Jersey Northeast

Avison Young Brokers Sale of 46,000 SF Industrial Building in Bridgewater, New Jersey

by Amy Works December 12, 2017

BRIDGEWATER, N.J. — Avison Young has arranged the sale of an industrial property located at 460 Milltown Road in Bridgewater. FCI Properties sold the 46,000-square-foot building for an undisclosed price. The column-free facility was originally built for and used as an indoor tennis club. The undisclosed buyer intends to repurpose the space into a new and strategic high-level training center that will include soccer fields and other training facilities for its existing base and new young athletes. Matthew Turse, Timothy Cadigan and John Recchia of Avison Young represented the seller in the deal. The name of the buyer was not released.

December 12, 2017

Multifamily New Jersey Northeast

Woodmont Properties Starts Construction on 220-Unit Apartment Community in Bayonne, New Jersey

by Amy Works December 11, 2017

BAYONNE, N.J. — Woodmont Properties, in partnership with Baker Residential, has broken ground for Woodmont Bay Club at Bayonne, an apartment community located in northwest Bayonne. Situated on four acres, the four-story property features nine studio, 123 one-bedroom, 64 two-bedroom and 24 three-bedroom units, ranging in size from 650 square feet to 1,500 square feet. Additionally, the 220-unit community features a 232-space ground-floor parking garage, a 3,000-square-foot rooftop terrace, a strength and cardio center, a business center, a game room, a pet spa, a golf simulator, a pool and sundeck, landscaped courtyards, picnic areas and a package collection service. Construction is slated for completion by spring 2019.

December 11, 2017

New Jersey Northeast Retail

ShopOne Centers REIT Acquires 139,717 SF Retail Center in South Plainfield, New Jersey

by Amy Works December 8, 2017

SOUTH PLAINFIELD, N.J. — ShopOne Centers REIT has entered the metro New York City market with the acquisition of Oak Park Commons in South Plainfield. Located at the corner of Oak Tree Road and Park Avenue, the 139,717-square-foot property comprises three multi-tenant buildings and four single-tenant buildings. At the time of sale, the property was 98 percent occupied by a variety of tenants, including ACME Markets, CVS/pharmacy, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank. The acquisition price was not released.

December 8, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Opens New Independent Living Building at CCRC in New Jersey

by Amy Works December 8, 2017

NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.

December 8, 2017

Loans New Jersey Northeast Retail

Money360 Funds $4.4M Acquisition Loan for Retail Property in Mount Olive, New Jersey

by Amy Works December 8, 2017

MOUNT OLIVE, N.J. — Money360 has funded a $4.4 million acquisition loan as part of its relationship with Ten-X Commercial. The fixed-rate loan features a 10-year term. Proceeds of the loan will be used to acquire a 47,752-square-foot retail center included in the larger International Trade Center Crossing retail complex in Mount Olive. The undisclosed borrower was the winning bidder for the asset and used Money360 as its debt provider.

December 8, 2017

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