New Jersey

JLL Arranges $10.5M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 11, 2021

FAIRFIELD, N.J. — JLL has arranged a $10.5 million loan for the refinancing of Brookplace Luxury Apartments, a 36-unit complex located in the Northern New Jersey community of Fairfield. Built in 2020 and fully occupied at the time of the loan closing, Brookplace Luxury Apartments features one- and two-bedrooms units averaging 1,058 square feet with balconies and patios. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the 15-year, fixed-rate loan through National Life Group on behalf of the borrower, an entity doing business as 74 Passaic Avenue LLC.

November 11, 2021

Industrial Loans New Jersey Northeast

Ready Capital Closes $5M Acquisition Loan for Industrial Property in Garfield, New Jersey

by Taylor Williams November 11, 2021

GARFIELD, N.J. — New York City-based Ready Capital has closed a $5 million loan for the acquisition and stabilization of an 11-bay industrial property in Garfield, located in Bergen County. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement program at the property.

November 11, 2021

Development New Jersey Northeast Retail

Accurate Builders Breaks Ground on 140,000 SF Retail Redevelopment in Northern New Jersey

by Taylor Williams November 9, 2021

MORRIS TOWNSHIP, N.J. — Accurate Builders & Developers has broken ground on Morris Marketplace, a 140,000-square-foot retail redevelopment project located on the 64-acre former Colgate-Palmolive corporate campus in Northern New Jersey. Accurate Builders is co-developing the project with New Jersey-based DeVimy Equities Inc. Morris Marketplace will feature children’s play areas, pocket parks, splash pads and seating areas, as well as outdoor dining and recreational spaces. Committed tenants include German discount grocer Lidl, Starbucks, AT&T, Orangetheory Fitness and Restore Wellness & Cryotherapy. Construction is expected to be complete in the fourth quarter of 2022, at which point the space will be turned over to the retail providers to build out.

November 9, 2021

Affordable Housing Development Multifamily New Jersey Northeast

Partnership Begins Construction on $26M Affordable Housing Project in Paterson, New Jersey

by Taylor Williams November 9, 2021

PATERSON, N.J. — A partnership between multifamily developer WinnCos and Argus Ellison Group has begun construction on a $26 million affordable housing project in the Northern New Jersey community of Paterson. The 74-unit complex will be located on the site of a historic mill that was originally built in the 1870s. About 70 percent (52) of the units will be reserved for renters earning 50 percent or less of the area median income (AMI), while the remainder will be designated for households earning 80 percent or less of AMI. Construction is scheduled for a late-2022 completion.

November 9, 2021

Development Multifamily New Jersey Northeast

Halpern Real Estate Breaks Ground on 337-Unit Multifamily Project in Jersey City

by Taylor Williams November 8, 2021

JERSEY CITY, N.J. — New York City-based Halpern Real Estate Ventures has broken ground on 49 Fisk Street, a 337-unit multifamily project that will be located near the Hackensack River in Jersey City. Designed by Minno & Wasko Architects and Planners, the community will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Specifically, amenities will include a rooftop terrace, a speakeasy-style bar, landscaped courtyard, fitness center and coworking space. Completion is slated for the fourth quarter of 2023. The Corcoran Group will handle leasing of the property.

November 8, 2021

Acquisitions Company News Industrial Massachusetts New Jersey Top Stories

ILPT Agrees to Acquire Monmouth Real Estate for $4B

by Julia Sanders November 5, 2021

NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …

November 5, 2021

Development New Jersey Northeast Office

Opal Holdings to Renovate 452,133 SF Office Building in Iselin, New Jersey

by Taylor Williams November 5, 2021

ISELIN, N.J. — Opal Holdings LLC will renovate Metropark194, a 452,133-square-foot office building in the Northern New Jersey community of Iselin. Capital improvements to the nine-story, transit-served building will include an upgraded lobby, renovations to the café and the addition of a new fitness center. Avison Young will provide construction management services for the project. Construction is scheduled to begin before the end of November and to last about five months.

November 5, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $113M Sale of Northern New Jersey Workforce Housing Portfolio

by Taylor Williams November 4, 2021

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.

November 4, 2021

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires 299-Bed Seniors Housing Facility in Allendale, New Jersey

by Taylor Williams November 4, 2021

ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.

November 4, 2021

Acquisitions Industrial New Jersey Northeast

OPEX Buys 115,422 SF Industrial Building in Moorestown, New Jersey

by Taylor Williams November 4, 2021

MOORESTOWN, N.J. —OPEX, a manufacturer of automated machines, has purchased a 115,422-square-foot industrial building at 1224 N. Main St. in the Southern New Jersey city of Moorestown. Situated on eight acres, the property features a clear height of 22 feet and 12 loading docks, as well as proximity to Interstate 295, the New Jersey Turnpike and State Route 38. Scott Mertz of NAI Mertz represented the buyer, which will also occupy the building, in the transaction. The seller was Northbridge Partners.

November 4, 2021

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