New Jersey

Landsea Closes $102.3M Construction Loan for Condo Project in Weehawken, New Jersey

by Amy Works February 20, 2017

WEEHAWKEN, N.J. — Landsea has closed on a $102.3 million construction loan for Avora, a condominium project in Weehawken. With occupancy scheduled for first quarter 2018, the 11-story building will feature 184 condominium units in one-, two- and three-bedroom layouts, 6,000 square feet of ground-floor retail space, a private screening theater, a business center, a fitness center, an outdoor pool, sun decks, grilling areas and an amphitheater. Thomas Didio, Michael Gigliotti and Dan Cashdan of HFF secured the financing through Bank of the Ozarks for the developer.

February 20, 2017

New Jersey Northeast Retail

Saxum Real Estate Acquires 18,000 SF Retail Building in New Jersey

by Amy Works February 20, 2017

NEW BRUNSWICK, N.J. — Saxum Real Estate has purchased a vacant retail building, located at 37 Easton Ave. in Brunswick, for an undisclosed price. Completed in 2009, the two-story building features 18,000 square feet of space that can be reconfigured to multi-tenant retail, office and residential space. Marc Duval, Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal.

February 20, 2017

Loans New Jersey Northeast Office

Cronheim Mortgage Secures $8.2M Loan for Office Property in Cherry Hill, New Jersey

by Amy Works February 20, 2017

CHERRY HILL, N.J. — Cronheim Mortgage has arranged $8.2 million in refinancing for two office properties located in Cherry Hill. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the 42-month loan, which features a 30-year amortization and prepayment flexibility, for the undisclosed borrower. The two buildings offer a total of 112,965 square feet of office space.

February 20, 2017

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Ariel Properties Secures $1.8M Acquisition Loan for Mixed-Use Building in Manasquan, New Jersey

by Amy Works February 20, 2017

MANASQUAN, N.J. — Ariel Property Advisors has arranged a $1.8 million acquisition loan for the $2.4 million purchase of a mixed-used property, located at 140 Main St. in Manasquan. The 6,000-square-foot property features four retail units and five residential units. Ariel’s Capital Services Division arranged the non-recourse seven-year loan for an undisclosed borrower.

February 20, 2017

Loans Multifamily New Jersey Northeast

Eastern Union Funding Arranges $52.3M Acquisition Loan for New Jersey Multifamily Property

by Amy Works February 17, 2017

DEPTFORD, N.J. — Eastern Union Funding has arranged $52.3 million in senior debt of behalf of Redstone Equities for the acquisition of Narraticon, a multifamily community in Deptford. David Singer of Eastern Union Funding arranged the senior debt, which features a floating rate, with a Freddie Mac seller/servicer. The 171-acre development features 443 rental apartments and townhomes, ranging from one- to four-bedroom layouts. Community amenities include a saltwater pool, lighted tennis courts, fitness center, sauna and a clubhouse with billiards, televisions, a library and complimentary WiFi.

February 17, 2017

Multifamily New Jersey Northeast

Advance Realty Acquires Multifamily Property in Hoboken, New Jersey

by Amy Works February 17, 2017

HOBOKEN, N.J. — Advance Realty has acquired The Metropolitan, a residential property located at 1300 Clinton St. in Hoboken, for an undisclosed price. Built in 2000, two-building property features 128 apartment units, an above-ground parking garage, fitness center, residents’ lounge, clubroom and 2,000 square feet of retail space. The property is located adjacent to Advance Realty’s Harlow, a recently developed lifestyle-oriented apartment building. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal, while Jon Mikula and Jim

February 17, 2017

Loans Multifamily New Jersey Northeast

KeyBank Originates $62M Loan for 232-Unit Apartment Community in Jersey City

by Amy Works February 16, 2017

JERSEY CITY, N.J. — KeyBank Real Estate Capital has originated a $62 million first mortgage loan for Cast Iron Lofts Phase II in Jersey City. The name of the borrower was not released. The 26-story apartment community features 232 units. Tom Peloquin of KeyBank’s commercial mortgage group arranged the financing through a correspondent life company relationship.

February 16, 2017

New Jersey Northeast Retail

Cushman & Wakefield Arranges $19M Sale of Shopping Center in North Bergen, New Jersey

by Amy Works February 16, 2017

NORTH BERGEN, N.J. — Cushman & Wakefield has brokered the sale of a shopping center located at 2819 JFK Blvd. in North Bergen. A 1031 exchange buyer acquired the asset from an undisclosed joint venture partnership for $19 million. Aldi and Crunch Fitness anchor the 41,000-square-foot property, which was redeveloped in 2015. The center also includes a freestanding Sonic restaurant. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali of Cushman & Wakefield represented the seller and procured the buyer in the deal.

February 16, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $1M Sale of Apartment Building in Union City, New Jersey

by Amy Works February 16, 2017

UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 16, 2017

Loans Multifamily New Jersey Northeast

HFF Arranges $40M in Financing for Phase II of Multifamily Community in Lyndhurst, New Jersey

by Amy Works February 15, 2017

LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.

February 15, 2017

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