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DevelopmentLoansMultifamilyNew JerseyNortheast

JLL Arranges $26.3M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

MONTGOMERY, N.J. — JLL has arranged a $26.3 million construction loan for The Somerset at Montgomery, a 115-unit multifamily project that will be located in Northern New Jersey. The property will comprise two four-story buildings that will house one-, two- and three-bedroom units with an average size of 1,221 square feet. Amenities will include a fitness center, playground, private office spaces and outdoor courtyards. Matthew Pizzolato, Jim Cadranell and Ryan Carroll of JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the borrower, Pennsylvania-based Country Classic Real Estate.

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DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Completes Lease-Up of 140-Unit Multifamily Project in Raritan, New Jersey

by Taylor Williams

RARITAN, N.J. — Locally based developer Garden Communities has completed the lease-up of Residences at Raritan Square, bringing the 140-unit multifamily project in Northern New Jersey to full occupancy. Residences at Raritan Square offers one- and two-bedroom units ranging in size from 845 to 1,590 square feet and amenities such as indoor and outdoor children’s play areas, a business center, fitness center and central courtyard. Rents start at $2,125 per month for a one-bedroom apartment.

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AcquisitionsNew JerseyNortheastRetail

Cushman & Wakefield Brokers $4.9M Sale of Retail Center in Mount Laurel, New Jersey

by Taylor Williams

MOUNT LAUREL, N.J. — Cushman & Wakefield has brokered the $4.9 million sale of a 30,327-square-foot retail center in Mount Laurel, located outside of Philadelphia in Southern New Jersey. A 7-Eleven store anchors the property, which sits on 4.4 acres at 3163 Marne Highway. Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, an affiliate of New Jersey-based developer The Becker Organization, in the transaction. The trio also procured the buyer, an entity doing business as 3163 Holdings LLC.

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Hillsborough-Village-Center
LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Arranges $49M Permanent Loan for Multifamily Property in Hillsborough, New Jersey

by Taylor Williams

HILLSBOROUGH, N.J. — Cronheim Mortgage has arranged a $49 million permanent loan for Hillsborough Village Center, a 191-unit multifamily property located in Central New Jersey that also houses 28,000 square feet of retail space. Units at the newly built property are furnished with stainless steel appliances and individual washers and dryers, and amenities include a pool, fitness center, clubhouse, pet spa and a playground. David Turley and Janet Proscia of Cronheim Mortgage arranged the seven-year loan, which was structured with two years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender an undisclosed, New Jersey-based bank. Hillsborough Village Center was fully leased at the time of the loan closing.

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IndustrialLeasing ActivityNew JerseyNortheast

Allmodes Transport Signs 151,000 SF Industrial Lease Renewal in Morristown, New Jersey

by Taylor Williams

MORRISTOWN, N.J. — Freight and logistics company Allmodes Transport has signed a 151,000-square-foot industrial lease renewal at 1 Cory Road in the Northern New Jersey community of Morristown. The 296,000-square-foot building offers 6.5 acres of combined car and trailer parking space and is currently 97 percent leased. New York-based Taconic Partners owns the building.

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LoansMultifamilyNew JerseyNortheast

TD Bank Provides $6.5M Loan for Refinancing of Northern New Jersey Multifamily Asset

by Taylor Williams

WEST NEW YORK, N.J. — TD Bank has provided a $6.5 million loan for the refinancing of The Madison, a 26-unit multifamily property in West New York, located across the Hudson River from Manhattan. Completed in 2021, the property offers studio, one-, two- and three-bedroom units with an average size of 793 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.

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LoansMultifamilyNew JerseyNortheast

Cathay Bank Provides $11.8M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

WEST NEW YORK, N.J. — Cathay Bank has provided an $11.8 million construction loan for a 48-unit multifamily project in West New York, located across the Hudson River from Manhattan. The property will offer one- and two-bedroom units with an average size of 847 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan on behalf of the undisclosed private developer of the project. A tentative completion date was not disclosed.

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DevelopmentMultifamilyNew JerseyNortheast

Diversified Properties Breaks Ground on 60-Unit Multifamily Project in Wharton, New Jersey

by Taylor Williams

WHARTON, N.J. — New Jersey-based developer Diversified Properties has broken ground on a 60-unit multifamily project in the Northern New Jersey community of Wharton. Irondale at Wharton will feature studio, one- and two-bedroom apartments that will be furnished with stainless steel appliances, quartz countertops and full-sized washers and dryers, as well as a gym and underground parking. Construction is expected to be complete in late 2023.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Alpert Group Begins Construction on 40-Unit Affordable Seniors Housing Community in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has begun construction on a 40-unit affordable seniors housing community in the Northern New Jersey community of Teaneck. The site of the five-story building, which will primarily offer one-bedroom units for renters over age 62 that meet certain income requirements, currently houses a vacant municipal facility. Completion is slated for late 2023.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheast

Bijou Properties, Accurate Buy Multifamily Redevelopment Site in Montclair, New Jersey

by Taylor Williams

MONTCLAIR, N.J. — A joint venture between two locally based developers, Bijou Properties and Accurate, has purchased a site in the Northern New Jersey community of Montclair that is fully approved for multifamily redevelopment. The joint venture plans to develop a 74-unit building, primarily with one- and two-bedroom units, as well as 3,873 square feet of retail space, at 65 Church St. Jose Cruz, Kevin O’Hearn, Ryan Robertson, Michael Oliver, Steve Simonelli and Michael Zlotnick of JLL worked on behalf of Bijou Properties to arrange Accurate’s $10 million equity investment.

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