New Jersey

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

by Taylor Williams November 14, 2022

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.

November 14, 2022

Industrial Leasing Activity New Jersey Northeast

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

by Taylor Williams November 14, 2022

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.

November 14, 2022

Loans Multifamily New Jersey Northeast

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

by Taylor Williams November 14, 2022

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.

November 14, 2022

Loans Multifamily New Jersey Northeast

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

by Taylor Williams November 11, 2022

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.

November 11, 2022

Development Multifamily New Jersey Northeast

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

by Taylor Williams November 9, 2022

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.

November 9, 2022

Affordable Housing Development Multifamily New Jersey Northeast Seniors Housing

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

by Taylor Williams November 8, 2022

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.

November 8, 2022

Acquisitions Development Multifamily New Jersey Northeast

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

by Taylor Williams November 7, 2022

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.

November 7, 2022

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 54,845 SF Office Building in Bernardsville, New Jersey

by Taylor Williams November 7, 2022

BERNARDSVILLE, N.J. — Cushman & Wakefield has brokered the sale of a 54,845-square-foot office building located at 150 Morristown Road in Bernardsville, about 45 miles west of New York City. David Bernhaut, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, Denholtz Properties, and procured the buyer, an entity doing business as 150 Morristown Road LLC, in the transaction.

November 7, 2022

Development Healthcare New Jersey Northeast

Public-Private Partnership Tops Out $750M Cancer Treatment Facility in Northern New Jersey

by Taylor Williams November 4, 2022

NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has topped out the Jack and Sheryl Morris Cancer Center, a $750 million treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as research labs and retail space. HOK Architects designed the project, and Jingoli is serving as the general contractor. Construction of the 12-story, 520,000-square-foot building is slated for completion in 2024.

November 4, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $6.2M Sale of Northern New Jersey Apartment Complex

by Taylor Williams November 4, 2022

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.2 million sale of Winfield Scott Tower, a 48-unit apartment complex located in the Northern New Jersey community of Elizabeth. The 10-story building, which includes 26,000 square feet of retail space, was originally constructed in 1927 as a hotel and banquet hall and converted to residential use in the 1990s. Jeff Squires of Kislak represented the seller, a private lender that previously acquired the property out of foreclosure, in the transaction. Squires also procured the buyer, Magill Real Estate.

November 4, 2022

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