SHORT HILLS, N.J. — CBRE has arranged a $58 million loan for the refinancing of a two-building, 320,000-square-foot office complex in Short Hills, about 25 miles west of New York City. The property, which was 95 percent leased at the time of sale, offers amenities such as a fitness center with a yoga and meditation room, cafeteria and shuttle service to nearby public transit lines. Brad Zampa and Mike Walker of CBRE arranged the five-year, floating-rate loan on behalf of the owner, Columbia Pacific Advisors. An undisclosed, East Coast-based institutional real estate lender provided the funds.
MOUNT OLIVE, N.J. — JLL has brokered the $27.9 million sale of a portfolio of net-leased retail properties totaling 167,532 square feet in Mount Olive, about 45 miles west of New York City. Known as The Gardens Portfolio, the collection spans eight properties across seven pad sites totaling 32,493 square feet and a Lowe’s Home Improvement store that totals 135,039 square feet. Other tenants include Applebee’s, LongHorn Steakhouse, Panera Bread, Wells Fargo, McDonald’s, Wendy’s, Panda Express and Chipotle. Kevin O’Hearn, Jose Cruz and J.B. Bruno of JLL represented the seller, Rivani, in the transaction.
HOBOKEN, N.J. — Cushman & Wakefield has negotiated a 12,016-square-foot office lease in Hoboken. The tenant is cybersecurity firm Semperis, and the space is located on the ninth floor of the 13-story building at 111 River St., which is also home to Unilever’s new U.S. headquarters. Patrick Decker, Mina Shehata, David DeMatteis and Mark Zaziski of Cushman & Wakefield successfully represented Semperis in the lease negotiations. The landlord, SJP Properties, was self-represented.
NEWARK, N.J. — Walker & Dunlop has arranged $250 million in financing for 22 Fulton, a 396-unit multifamily project in the Military Park neighborhood of Newark. The financing includes nearly $119 million from the Urban Investment Group at Goldman Sachs Alternatives across a construction loan, 4 percent Low-Income Housing Tax Credit (LIHTC) equity and a LIHTC bridge loan. The package also includes a $20 million preferred equity investment from an unnamed institutional capital provider and a $100 million forward commitment for a permanent loan by Barings. Barings has also committed additional funds to the project via the purchase of tax credits from the New Jersey Economic Development Authority’s Aspire program, which supports transit-oriented development. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Ianno and Jackson Irwin of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between SK Development and the Berger Organization. The 21-story building will house 315 market-rate apartments and 80 affordable housing units that will be reserved for renters earning 60 percent or less of the area median income, as well as one staff residence and 4,700 square feet of retail space. Units will come in one- and two-bedroom floor …
BELLEVILLE, N.J. — CBRE has provided a $35.5 million Freddie Mac permanent loan for The Essex, a 158-unit multifamily property located in the Northern New Jersey community of Belleville. According to Apartments.com, the newly constructed, four-story building offers studio, one- and two-bedroom units that range in size from 437 to 888 square feet. Amenities include a fitness center with a yoga room, rooftop courtyard with grilling stations and a fire pit, resident lounge, game room, coworking pods, package room and a pet washing station. Judah Hammer, Jeff Feldman and Jack Hayes of CBRE originated the loan. The borrower was not disclosed.
NEWARK, N.J. — Hawkins Way Capital, a California-based private equity firm, is underway on a student housing renovation and expansion project in Newark. The project involves transforming University Centre, a 521-bed complex that serves students at Rutgers University-Newark, the New Jersey Institute of Technology and Seton Hall University, to be able to accommodate 800 occupants as opposed to the current capacity of 690 students. Construction, inclusive of upgrades to 96 apartments and various common spaces, began last year on University Centre’s 13-story tower and five-story housing block while the complex was partially occupied. Work on remaining units is expected to be complete this summer. BDB Construction Enterprise is the construction manager and general contractor for the project.
EAST ORANGE, N.J. — A partnership between two regional investment and development firms, Triangle Equities and Incline Capital, has begun leasing a 400-unit multifamily project in East Orange, about 20 miles west of New York City. Known as Embark at The Crossing, the project represents Phase I of a larger, 1,000-unit development called The Crossings at Brick Church Station. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include two landscaped courtyards with fire pits, outdoor screening areas and grilling stations, as well as a fitness center, coworking lounge, resident clubroom, private theater, children’s playroom and a pet spa. Rents start at just under $2,000 per month for a studio apartment.
PRINCETON, N.J. — CBRE has brokered the sale of Nassau Park Pavilion, a 760,765-square-foot retail power center in Princeton. Grocer Wegmans anchors the center, which is also home to tenants such as Target, Home Depot, Five Below, Floor & Décor, Just Salad, Bluestone Lane and Mezeh. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, SITE Centers Corp., in the transaction. The buyer was Bridge 33 Capital, an investment firm with offices in Chicago, Seattle and Las Vegas. The sales price was not disclosed.
PARSIPPANY, N.J. — Univest Bank & Trust Co. has provided a $19.6 million construction loan for an industrial conversion project in the Northern New Jersey community of Parsippany. The project will convert the 156,000-square-foot, vacant office building at 7 Campus Drive into a 128,150-square-foot industrial facility with a clear height of 36 feet, 23 dock doors, two drive-in doors and103 car parking spaces. John Alascio, Chuck Kohaut, T.J. Sullivan and Mary Shin of Cushman & Wakefield arranged the debt. The borrower is a partnership between Saxum Real Estate and Penwood Real Estate Investment Management.
JERSEY CITY, N.J. — Developer Nasser Freres is nearing completion of The Greyson, a 29-story apartment tower in the Journal Square neighborhood of Jersey City. Designed by Handel Architects, The Greyson will have 622 apartments, approximately 45,000 square feet of office space and ground-floor retail space. Apartments will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a relaxation zone and spa, an art gallery and studio, children’s playroom, karaoke room, pet spa, bowling alley, screening room, game lounge, speakeasy, VR sports room with arcade games and a catering kitchen. Residents will also have access to a coworking space with a lounge, private work pods and conference rooms, as well as a fitness center, coffee bar, podcast/TikTok room and a party lounge. Construction began in summer 2024, and leasing will commence in February.
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