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201-Hudson-by-Urby-Jersey-City
DevelopmentLoansMultifamilyNew JerseyNortheast

Newmark Arranges $277M Construction Loan for Jersey City Apartment Tower

by Taylor Williams

JERSEY CITY, N.J. — Newmark has arranged a $277 million construction loan for 201 Hudson — by Urby, a 69-story apartment building that is being developed in Jersey City’s Paulus Hook neighborhood. The building will have 748 units in a mix of studio, one-, two- and three-bedroom floor plans, as well as 10,000 square feet of retail space. Amenities will include a pool, fitness center, social and coworking spaces and outdoor recreation areas. Jordan Roeschlaub, Chris Kramer, Holden Witkoff and Jack Fenton of Newmark arranged the loan through Truist Financial. The developer is a joint venture between Rockpoint, a Boston-based real estate private equity firm, and Urby, a hospitality-driven multifamily developer. The development was first announced this summer.

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Leasing ActivityNew JerseyNortheastOffice

Jersey Mike’s Signs 72,326 SF Office Headquarters Lease in Tinton Falls, New Jersey

by Taylor Williams

TINTON FALLS, N.J. — Jersey Mike’s has signed a 72,326-square-foot office headquarters lease near the Jersey Shore in Tinton Falls. The space is located within Bell Works Fort Monmouth, a redevelopment of the former headquarters of cybersecurity firm Commvault. Nick Pistolakis of Lakis Commercial represented Jersey Mike’s, which will also open a restaurant on the property, in the negotiations. Jeff Garibaldi, Tara Keating and Phil Mylod of NAI James E. Hanson represented the landlord, Inspired by Somerset Development.

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HealthcareLoansNew JerseyNortheast

JLL Arranges Refinancing of 48,312 SF Medical Office Building in New Providence, New Jersey

by Taylor Williams

NEW PROVIDENCE, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of a 48,312-square-foot medical office building in New Providence, about 25 miles west of New York City. Murray Hill Medical Office Building was 95 percent leased at the time of the loan closing, with Atlantic Health Group and New Providence Dentistry serving as the anchor tenants. Ryan Carroll and Matthew McManus of JLL arranged the loan through an undisclosed life insurance company on behalf of the owner, MEARJ Properties.

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AcquisitionsMultifamilyNew JerseyNortheast

Cushman & Wakefield Arranges $131M Sale of Apartment Building in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — Cushman & Wakefield has arranged the $131 million sale of Edison Lofts, a 334-unit apartment building in West Orange, located in Northern New Jersey’s Essex County. Edison Lofts comprises two buildings: a 300-unit conversion of the historic Thomas Edison Battery Building and a 34-unit ground-up building known as The Mews at Edison Lofts. The property, which was 95 percent occupied at the time of sale, offers amenities such as a fitness center, indoor pool, resident lounges and outdoor gathering spaces, as well as 19,000 square feet of retail space. Niko Nicolaou, Ryan Dowd, J.P. Hohl, Michael Guerra, Kelly Kellett and Alexandria Russo Ebers of Cushman & Wakefield represented the seller, a partnership led by Prism Partners, in the transaction and procured the buyer, Sym Investments. John Alascio, Brad Domenico and Chuck Kohaut, also with Cushman & Wakefield, arranged a $91.7 million acquisition loan through New York Life in conjunction with the sale.

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AcquisitionsConnecticutHealthcareIndustrialMultifamilyNew JerseyNew YorkNortheastRetail

Cushman & Wakefield Arranges $450M Sale of Tri-State Commercial Portfolio

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has arranged the $450 million sale of a four-property commercial portfolio located throughout the greater New York City area. The portfolio comprises existing multifamily, retail, healthcare and industrial buildings spanning roughly 4 million square feet, as well as multiple development sites totaling roughly 300 acres, in the following markets: East Fishkill, N.Y., Edgewater, N.J., Norwalk, Conn. and Yonkers, N.Y.   Specifically, the portfolio includes iPark 84, a 270-acre, 1.8 million-square-foot industrial campus in East Fishkill that was originally built to be IBM’s flagship semiconductor manufacturing plant and can support another 1.5 million square feet of new development. Other properties within the portfolio include Edgewater Harbor, a 262-unit waterfront apartment complex with 60,000 square feet of retail space; a 400,000-square-foot mixed-use development in Norwalk that is anchored by a Northwell Health medical outpatient facility; and Trilogy Lofts, a newly constructed, 97-unit apartment building in Yonkers. Andy Merin, Frank DiTommaso and Ryan Dowd of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership between New York-based Saber-Hightower, Waterfall Asset Management and Dallas-based Lincoln Property Co. John Alascio, Alex Hernanez, Brad Domenico, Chuck Kohaut and Mitch Rothstein, also with Cushman …

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The Pavilion-Long-Branch-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

ICON Real Estate Arranges $18M Sale of Apartment Building in Long Branch, New Jersey

by Taylor Williams

LONG BRANCH, N.J. — Local brokerage firm ICON Real Estate Advisors has arranged the $18 million sale of The Pavilion, a 46-unit apartment building in the Northern New Jersey community of Long Branch. The five-story building was completed in 2021. According to RentCafé, units comes in one-, two- and three-bedroom floor plans, and amenities include a courtyard and outdoor grilling and dining stations. The seller and developer, Jebara Partners, sold The Pavilion to Henshaw Realty, which acquired the property via a 1031 exchange. ICON represented both parties in the transaction.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $9.5M Sale of Northern New Jersey Retail Building

by Taylor Williams

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $9.5 million sale of Coviello Plaza, a three-story, 27,100-square-foot retail building in West New York, located across the Hudson River from Manhattan. CVS anchors Coviello Plaza, which was originally built in 1988 and houses 11 units. Devin Perez, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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DevelopmentLoansMultifamilyNew JerseyNortheast

Drew Capital Arranges $16.2M Construction Loan for Newark Multifamily Project

by Taylor Williams

NEWARK, N.J. — Drew Capital, a New Jersey-based mortgage banking firm, has arranged a $16.2 million construction loan for Central Pointe, a 77-unit multifamily project that will be located in Newark’s University Heights neighborhood. Designed by INOA Architecture, Central Pointe will have six studios, 29 one-bedroom units and 42 two-bedroom residences, with 16 apartments designated as affordable housing. Amenities will include a fitness center, coworking lounge, communal spaces and a rooftop garden. Trevian Capital provided the loan to the developer, Newark-based Giga Holdings, which expects to complete the project next summer. Akiva Drew led the debt placement effort for Drew Capital

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Gardens-at-Roseland-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Begins Leasing 211-Unit Apartment Complex in Roseland, New Jersey

by Taylor Williams

ROSELAND, N.J. — Local owner-operator Garden Communities has begun leasing a 211-unit apartment complex in the Northern New Jersey community of Roseland. Gardens at Roseland offers single-level and duplex apartments that come in one- and two-bedroom floor plans. Amenities include a pool, fitness center, an entertainment room, fireside lounge and private workspaces, sports court, playground and outdoor grilling and dining stations. Rents start at roughly $2,700 per month for a one-bedroom unit.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

TCB Completes 53-Unit Affordable Housing Building in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — The Community Builders (TCB) has completed Stirlingside Residences, a 53-unit affordable housing building in New Brunswick, located in Central New Jersey. Specific income restrictions were not announced, but the building includes six units for families and individuals who have previously experienced homelessness. A ribbon-cutting ceremony took place in late May.

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