JERSEY CITY, N.J. — A partnership between RXR, Columbia Property Trust, Strategic Value Partners LLC and One Investment Management has begun leasing Hudson House West, a 27-story apartment building in Jersey City’s SoHo West neighborhood. The 338-unit building represents the third and final phase of a larger development known as the Hudson House Collection, which includes another 27-story building (Hudson House East) and a five-story adaptive reuse building known as Radio Lofts. Combined, the buildings total 829 units in addition to 48,000 square feet of retail space. Residences at Hudson House West come in studio, one-, two- and three-bedroom floor plans. Amenities include two pools, outdoor grilling and dining stations, a sky lounge, fitness center, coffee bar, children’s playroom, game lounges, coworking space, an indoor soccer field and a basketball court.
New Jersey
PATERSON, N.J. — Benmark Capital, a private equity firm with offices in Miami and New Jersey, has provided a $38 million loan for the refinancing of a portfolio of two workforce housing buildings totaling 203 units in the Northern New Jersey community of Paterson. The buildings house one-, two- and three-bedroom units, and the portfolio, which includes six commercial spaces, was 99 percent occupied at the time of the loan closing. Marc Waldman of KentMoore Capital arranged the loan on behalf of the locally based borrower, Ania Management.
PARAMUS, N.J. — NRG Adventure Park will open a 59,000-square-foot entertainment venue in the Northern New Jersey community of Paramus. The space is located above a 100,000-square-foot grocery store at Paramus Park South shopping center and will house a ropes course, trampolines, a climbing wall and virtual-reality games. Jamie Sackheim of TSCG represented the landlord, a joint venture led by Heidenberg Properties Group, in the lease negotiations. Jerry Welkis and Stephan Miller of Welco Realty represented NRG.
WAYNE, N.J. — Florida-based owner-operator Basis Industrial has received a $24 million construction loan for a self-storage project in the Northern New Jersey community of Wayne. ExtraSpace Storage will operate the facility at 555 Hamburg Turnpike, which will span 85,330 net rentable square feet across 586 climate-controlled units. Construction is underway and expected to be complete in early 2028. NexBank and NexPoint provided the loan.
PARAMUS, N.J. — Cushman & Wakefield has arranged a $163.9 million construction loan for The Bergen Chapter, a 426-unit multifamily project that will be located adjacent to Bergen Town Center Mall in the Northern New Jersey community of Paramus. The Bergen Chapter will consist of two five-story residential buildings in which 15 percent of the units will be subject to income restrictions. The Bergen Chapter will feature amenities such as a pool, fitness center, lounges, coworking space and landscaped courtyards, as well as ground-floor retail space. John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank and Chris Meloni of Cushman & Wakefield arranged the debt through PCCP LLC on behalf of the borrower, a joint venture between two New Jersey-based firms, KRE Group and Russo Development.
HOBOKEN, N.J. — Locally based developer Advance Realty Investors has completed Willow House, a 52-unit apartment building in Hoboken. Designed by locally based MVMK Architects and Living Systems, the eight-story building houses studio, one-, two- and three-bedroom units in addition to 6,000 square feet of retail space. Amenities include a lobby lounge, fitness center, coworking space, package room and a rooftop deck. Leasing began in mid-June, at which point rents started in the mid-$4000s per month for a studio apartment. Construction began in winter 2024.
ELMWOOD PARK, N.J. — A partnership between two locally based investment firms, The STRO Cos. and KRE Group, has acquired a portfolio of three industrial buildings totaling approximately 120,000 square feet in the Northern New Jersey community of Elmwood Park. The buildings are situated on a combined 7.4 acres at the intersection of I-80 and the Garden State Parkway. Both buildings feature clear heights of 20 feet. The partnership plans to reposition one of the buildings to support industrial outdoor storage use. IDB financed the acquisition. The seller and sales price were not disclosed.
TOMS RIVER, N.J. — Colliers has brokered the $13.6 million sale of a portfolio of two medical office buildings totaling 55,680 square feet in Toms River, located near the Jersey Shore. The buildings at 1-3 Plaza Drive total 37,621 and 18,059 square feet, respectively, and had a combined occupancy rate of 98 percent at the time of sale. Tenants include Physicians Surgicenter, University Radiology Group and Astera Cancer Care. Jacklene Chesler, Patrick Norris and Brittany Leventoff of Colliers represented the seller, New Jersey-based Horizon Equities, in the transaction. The buyer was undisclosed.
FLEMINGTON, N.J. — Locally based owner-operator Larken Associates has completed the renovation of Raritan Commons, a 67,040-square-foot office building in Flemington, about 60 miles southwest of Manhattan. Renovations included upgrades to common areas and hallways, including new sconces and LED lighting, furniture, signage, flooring, wallpaper and wall paintings. Additionally, the firm remodeled common-area bathrooms with new flooring, walls, fixtures, lighting, countertops and partitions.
JERSEY CITY, N.J. — Affinius Capital has provided a $310 million construction loan for Park Tower, a 1,049-unit multifamily project in Jersey City. New York City-based Namdar Group is developing the project, which will be located in the city’s Journal Square neighborhood and will offer one-, two- and three-bedroom units. Amenities will include a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator, game room and a rooftop lounge. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer of Walker & Dunlop arranged the loan. A construction timeline was not disclosed.
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