MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.
EATONTOWN, N.J. — OGS Recycling has signed a 34,801-square-foot industrial lease in Eatontown, located near the Jersey Shore. The building at 246 Industrial Way offers proximity to the Garden State Parkway, as well as a clear height of 30 feet and eight loading docks. Matt Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease negotiations. David Zimmel of Zimmel Associates represented the tenant.
JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has acquired land in Jersey City for the construction of a 2,422-unit self-storage project. The facility will be located at 300 Thomas McGovern Drive and will have a gross square footage of approximately 261,000 square feet, including an adjoining parking structure that will also be constructed as part of the project. Thomas Walsh of Walker & Dunlop brokered the land deal. A groundbreaking date will be announced in the coming days. According to Tulfra, there are approximately 159,000 housing units and 22,500 new apartments under development within a three-mile radius of the site.
RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.
RIDGEWOOD, N.J. — CBRE has arranged the $14.3 million sale of The Schoolhouse, a 31-unit apartment complex in the Northern New Jersey community of Ridgewood. The sales price equates to approximately $462,000 per unit. The property was built in stages between 1960 and 1980. Nat Gambuzza and Spencer Beriont of CBRE represented the seller, 158-174 Union Street LLC, in the transaction.
WHIPPANY, N.J. — Lee & Associates New Jersey has opened a new 3,361-square-foot office at 110 S. Jefferson Road in Whippany, located in Morris County. The team is subleasing a newly built-out space and relocating from a smaller Cedar Knolls location to accommodate its growing brokerage team. Suzanne Kiall of Lee & Associates and Roger Cantor of Cornerstone Real Estate negotiated the terms of the sublease. The full-service real estate firm has three offices in New Jersey including this one, with the headquarters space located in Elmwood Park.
HAMBURG, N.J. — Progress Capital has placed a $31 million loan for the refinancing of Carlton Village Apartments, a 240-unit multifamily complex located in the Northern New Jersey community of Hamburg. The property consists of 21 buildings that are situated on a 37-acre site and that house studio, one- and two-bedroom units. Brad Domenico and Gabby Cali of Progress Capital arranged the debt on behalf of the undisclosed borrower, a private investor who has owned the property since 1985 and made various capital improvements since that time.
HOWELL, N.J. — Marcus & Millichap has brokered the sale a multifamily development site in Howell, located in Monmouth County, that can accommodate the construction of 360 multifamily units. Chez Eider and Jason Petrick of Marcus & Millichap’s represented the undisclosed seller in the transaction and procured a private developer as the buyer. Both parties requested anonymity.
BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of two industrial buildings totaling 204,000 square feet that are located in the Northern New Jersey community of Bridgewater. Both buildings feature cross-dock configurations and clear heights of 23 feet and were fully leased at the time of sale. A Cushman & Wakefield team of Gary Gabriel, David Bernhaut, Kyle Schmidt and Seth Zuidema represented the seller, Camber Real Estate Partners, and procured the buyer, High Street Logistics Properties, in the transaction. The sales price was not disclosed.
PENNSAUKEN, N.J. — Colliers International has negotiated a 63,347-square-foot industrial lease at 6901 N. Crescent Blvd. in Pennsauken, located in Southern New Jersey. Ian Richman and Marc Isdaner of Colliers represented the landlord, Velocity Venture Partners, in the transaction. Scott Mertz of NAI Mertz represented the tenant, TopPop, a provider of packaging for frozen alcoholic beverages. TopPop expects its new facility to be operational by January.