New Jersey

Dwight Mortgage Trust Provides $34M Loan for Refinancing of Southern New Jersey Multifamily Complex

by Taylor Williams March 25, 2025

SICKLERVILLE, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $34 million bridge loan for the refinancing of Mi-Place at Brightmoor, the 168-unit second phase of a 312-unit apartment community located in the Southern New Jersey community of Sicklerville. The property offers 63 one-bedroom units, 84 two-bedroom apartments and 21 three-bedroom residences that are furnished with stainless steel appliances, quartz countertops, individual washer and dryers and private balconies/patios. Amenities include a clubhouse, pool, fitness center, game room, community lounge, dog washing area and a playground. The borrower is Fernmoor Homes.

March 25, 2025

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Advisors Arranges $7.8M Sale of Apartment Building in Belleville, New Jersey

by Taylor Williams March 25, 2025

BELLEVILLE, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $7.8 million sale of Twin River Gardens, a 60-unit apartment building in the Northern New Jersey community of Belleville. The property exclusively offers one-bedroom units with an average size of 825 square feet, and most residences include private balconies. Residents also have access to onsite laundry facilities. Kevin McCrann and James McConnell of Redwood represented the buyer and seller, both of which requested anonymity, in the transaction.

March 25, 2025

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Arranges $15M in Financing for Secaucus Industrial Property

by Taylor Williams March 24, 2025

SECAUCUS, N.J. — New Jersey-based financial intermediary G.S. Wilcox & Co. has arranged $15 million in financing for a 100,000-square-foot industrial property located just outside of New York City in Secaucus. The facility was fully leased at the time of the loan closing to a tenant that provides screen printing and labeling services to the apparel industry. Bridget Wilcox of G.S. Wilcox originated the debt. The direct lender and borrower were not disclosed.

March 24, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $12M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams March 24, 2025

UNION AND ROSELLE PARK, N.J. — Local brokerage firm The Kislak Co. Inc. has negotiated the $12 million sale of a portfolio of two multifamily properties totaling 75 units in Northern New Jersey. Townley Garden Apartments is a 48-unit complex in Union that was built in 1943, and Knights Manor is a 27-unit building in Roselle Park that was completed in 1950. Jeff Squires of Kislak represented the buyer and seller in the transaction. Jared Sobel of Walker & Dunlop originated an undisclosed amount of Freddie Mac acquisition financing for the deal.

March 24, 2025

Leasing Activity New Jersey Northeast Retail

Sportime Pickleball Opens 30,000 SF Facility in Englewood, New Jersey

by Taylor Williams March 24, 2025

ENGLEWOOD, N.J. — Regional operator Sportime Pickleball has opened a 30,000-square-foot facility in the Northern New Jersey community of Englewood. The facility is located at 62 Route 4 E and features 12 dedicated, climate-controlled courts across two interconnected buildings, as well as courtside lounges, a pro shop and a party room. Sportime Pickleball has three other facilities under construction in the area and plans to operate 15 clubs in the Tri-State area by 2031.

March 24, 2025

Development Mixed-Use New Jersey Northeast

Kushner, KABR Group Complete $30M Mixed-Use Redevelopment Project in Jersey City

by Taylor Williams March 20, 2025

JERSEY CITY, N.J. — A partnership between regional development and investment firms Kushner Cos. and The KABR Group has completed a $30 million mixed-use redevelopment project in Jersey City. The project converted the former Great Atlantic & Pacific Tea Co. warehouse, a six-story building that was originally constructed in 1913, into a commercial structure with 135,000 square feet of office and retail space known as The Arts & Powerhouse Building. Commercial spaces range in size from 4,000 to 100,000 square feet, and the building features a 10,000-square-foot rooftop amenity deck. Retailers that have already signed leases or opened stores at the building include Rumble Boxing, Daily Provisions, Spear Physical Therapy and One Medical. CBRE is the building’s leasing agent.

March 20, 2025

Development Loans Multifamily New Jersey Northeast

Merchants Capital Secures $120M in Construction Financing for Mixed-Income Multifamily Project in Newark

by Taylor Williams March 19, 2025

NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.

March 19, 2025

Acquisitions New Jersey Northeast Retail

TFE Properties Buys 103,832 SF Shopping Center in Brick, New Jersey

by Taylor Williams March 19, 2025

BRICK, N.J. — Locally based investment firm TFE Properties has purchased The Shops at Brick, a 103,832-square-foot shopping center located near the Jersey Shore. The center is currently home to Bonefish Grill and McDonald’s, and both anchor and junior anchor spaces are available for lease. Kevin O’Hearn and Joseph Lopresti of JLL represented the undisclosed seller in the transaction and procured TFE Properties as the buyer. The new ownership plans to implement a value-add program.

March 19, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.9M Sale of Northern New Jersey Apartment Building

by Taylor Williams March 19, 2025

ORADELL, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.9 million sale of a 13-unit apartment building in the Northern New Jersey community of Oradell. Completed in 1980, the building at 222 Kinderkamack Roadexclusively offers studio apartments and includes 5,195 square feet of office space. Robert Squires of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 19, 2025

Acquisitions New Jersey Northeast Office

CBRE Negotiates $10.2M Sale of Northern New Jersey Office Building

by Taylor Williams March 18, 2025

PARSIPPANY, N.J. — CBRE has negotiated the $10.2 million sale of a 79,766-square-foot office building in the Northern New Jersey community of Parsippany. According to LoopNet Inc., the building at 299 Cherry Hill Road was originally constructed in 1977 and renovated in 2021. Capital improvements included a redesign of the exterior façade; updated roadway signage, a new electronic tenant directory and LED lighting in the lobby and a new tenant amenity center with grab-n-go food service, conference room and a huddle room. Charles Berger and Thomas Mallaney of CBRE represented the seller and procured the buyer in the transaction.

March 18, 2025

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