JERSEY CITY — The Community Builders (TCB), an affordable housing owner-operator with five offices across the country, has completed Bergenview Apartments, a project IN Jersey City that converted a historic YMCA building into a 111-unit apartment complex for formerly homeless individuals. All units are studios, and residents have access to a gym, game room, demonstration kitchen and a learning center. Kramer+Marks Architects designed the redevelopment, and Pike Construction Co. LLC served as the general contractor. The New Jersey Housing & Mortgage Finance Agency provided Low-Income Housing Tax Credit equity for the project.
TREXLERTOWN, PA. — Home Depot (NYSE: HD) will open a 136,000-square-foot store at Macungie Crossing, a 182,000-square-foot shopping center that is under construction in the Lehigh Valley community of Trexlertown. New York City-based RD Management is developing the project, construction of which is underway and expected to be complete next summer. The Atlanta-based home improvement retailer now operates about 70 stores in Pennsylvania.
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.
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.
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.
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.
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.
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.
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.
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.