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DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Tishman Speyer Receives $331M Construction Loan for 40-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $331 million construction loan from global investment group CDPQ for a 40-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction in the coming weeks and deliver the building in 2028. The project is the sister building of 55 Hudson Street, a 58-story, 1,017-unit apartment building that is under construction and slated for an early 2027 completion. The riverfront site at 50 Hudson St. is located in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans for 50 Hudson Street call for 924 units in studio, one- and two-bedroom floor plans, as well as 10,000 square feet of street-level retail space. The two buildings will share roughly 75,000 square feet of indoor and outdoor amenity space, and the development as a whole will feature more than 60,000 square feet of retail, restaurant and entertainment space. In addition, the development will have a 32,000-square-foot waterfront plaza that will connect to Jersey City’s esplanade and will be available for community events. The design team for the project …

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Rosera-Wesmont-Wood-Ridge-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

JCMLiving Begins Leasing 295-Unit Apartment Complex in Wood-Ridge, New Jersey

by Taylor Williams

WOOD-RIDGE, N.J. — JCMLiving has begun leasing Rosera Wesmont, a 295-unit apartment complex located in the Northern New Jersey community of Wood-Ridge. Rosera Wesmont offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, smart lock entry mechanisms and individual washers and dryers. Amenities include a pool with a sundeck and landscaped courtyard; a multi-level gym with a yoga studio, sauna and bar; coworking spaces, private offices and meeting rooms; and a sports simulator. Minno & Wasko Architects and Planners designed the project. Rents start at roughly $2,300 per month for a studio apartment. Construction began in spring 2023.

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Barrington-Mews
AcquisitionsMultifamilyNew JerseyNortheastSeniors Housing

Hudson Atlantic Negotiates Sale of 284-Unit Seniors Housing Complex in Barrington, New Jersey

by Taylor Williams

BARRINGTON, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the sale of Barrington Mews, a 284-unit seniors housing complex located outside of Philadelphia in Southern New Jersey. Built in 1994 as affordable seniors housing, the elevator-served, age-restricted property offers one- and two-bedroom units and amenities such as community rooms, onsite laundry facilities and grilling and picnic areas. Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed. The new ownership plans to transition the property to market-rate housing.

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Leasing ActivityNew JerseyNortheastOffice

Casio America Signs 21,338 SF Office Lease in Rockaway, New Jersey

by Taylor Williams

ROCKAWAY, N.J. — Casio America has signed a 21,338-square-foot office lease in the Northern New Jersey community of Rockaway. The U.S. subsidiary of the Japanese electronics manufacturer is taking space on the third floor of The Mark, a seven-story, 237,087-square-foot building that was recently renovated. Chris Conklin, Dan Spero and Maria Rubert of JLL represented the landlord, Northbridge Capital, in the lease negotiations. Naoki Yamaguchi of Relo Redac Inc. represented the tenant.

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AcquisitionsIndustrialNew JerseyNortheast

Alterra Buys 4.9-Acre Industrial Outdoor Storage Facility in Swedesboro, New Jersey

by Taylor Williams

SWEDESBORO, N.J. — Locally based investment firm Alterra IOS (industrial outdoor storage) has purchased a 4.9-acre facility located outside of Philadelphia in Swedesboro. The site at 223 Paulsboro Road is located 20 miles from Philadelphia International Airport and 30 miles from the Port of Philadelphia and was fully leased at the time of sale to equipment rental company Sunbelt Rentals. Scott Mertz of NAI Mertz brokered the deal. The seller was not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

Taconic Partners Acquires Central New Jersey Industrial Property for $74.3M

by Taylor Williams

NORTH BRUNSWICK, N.J. — Regional investment firm Taconic Partners has acquired a 360,000-square-foot industrial property in North Brunswick, located roughly midway between Trenton and Newark, for $74.3 million. The site at 1735 Jersey Ave. spans 17 acres, and the building offers a clear height of 24 feet and 24 loading positions. Tenants at the property, which was fully leased at the time of the loan closing, include pallet manufacturer and distributor Kamps Inc. and furniture rental company Luxe Living Design. Jordan Avanzato, Marc Duval, Nicholas Stefans and Jason Lundy of JLL brokered the deal. The seller was not disclosed. Evan Pariser and Aaron Niedermayer, also with JLL, arranged $46.6 million acquisition financing through J.P. Morgan for the deal on behalf of Taconic Partners.

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IndustrialLeasing ActivityNew JerseyNortheast

Yahee Technologies Corp. Signs 154,000 SF Industrial Lease in Cranbury, New Jersey

by Taylor Williams

CRANBURY, N.J. — Yahee Technologies Corp., a provider of home furniture, pet supplies and outdoor and garden products, has signed a 154,000-square-foot industrial lease within Prologis Cranbury Business Park in Central New Jersey. The building at 3 Security Drive, which according to LoopNet Inc. totals 201,093 square feet, features a clear height of 32 feet and 21 dock doors. Christopher Galiano of NAI DiLeo-Bram represented the tenant in the lease negotiations. KBC Advisors represented Prologis.

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CivicDevelopmentNew JerseyNortheast

March Construction Breaks Ground on 32,000 SF Academic Project in Saddle River, New Jersey

by Taylor Williams

SADDLE RIVER, N.J. — General contractor March Construction has broken ground on a 32,000-square-foot academic project in the Northern New Jersey community of Saddle River. A tentative completion date was not disclosed. Designed by DIGroup Architecture, the Dr. Kristen Walsh Hall of Science & Entrepreneurship is part of Saddle River Day School and will feature 15 classrooms, four small-group instruction rooms, four science labs and flexible spaces. The facility will also house collaboration areas and a new admissions center.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Nears Completion of 70-Unit Affordable Housing Project in Lacey, New Jersey

by Taylor Williams

LACEY, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger Cornerstone at Lacey development, which consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request. Walters is currently accepting renter applications for a lottery drawing that will take place on May 7. The first move-ins will begin in June.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $22.1M Sale of Multifamily Property in Summit, New Jersey

by Taylor Williams

SUMMIT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.1 million sale of The Parc at Summit, a 57-unit multifamily property in Northern New Jersey. The five-building complex was constructed on a 3.3-acre site in 1950 and offers one- and two-bedroom apartments, as well as three-bedroom townhomes. Robert Holland and Jeff Squires of Kislak represented the seller, which recently invested $1.5 million in capital improvements to the property, in the transaction. Joni Sweetwood, also with Kislak, procured the buyer. Both parties requested anonymity.

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