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803-South-Avenue-Plainfield-New-Jersey
LoansMultifamilyNew JerseyNortheast

Progress Capital Arranges $17.6M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

PLAINFIELD, N.J. — Progress Capital has arranged a $17.6 million construction loan for a 104-unit multifamily project in the Northern New Jersey community of Plainfield. In addition to one commercial space, the property will offer 10 studio apartments, 61 one-bedroom units and 33 two-bedroom residences. Amenities will include a clubhouse, fitness center and outdoor grilling and recreational areas. Brad Domenico and Eddie Miro of Progress Capital arranged the three-year, interest-only loan through Trevian Capital on behalf of the borrower, West of Hudson Properties.

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491-Edward-H.-Ross-Drive-Elmwood-Park-New-Jersey
Leasing ActivityLife SciencesNew JerseyNortheast

BioReference Laboratories Signs 160,000 SF Life Sciences Lease in Elmwood Park, New Jersey

by Taylor Williams

ELMWOOD PARK, N.J. — BioReference Laboratories, an operator focused on the genetics, women’s health, oncology and urology fields, has signed a 160,000-square-foot life sciences lease renewal in the Northern New Jersey community of Elmwood Park. The tenant now operates three full-building labs totaling 209,904 square feet at 481, 487 and 491 Edward H. Ross Drive. Chris Olsen of Eagle Real Estate Group represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, New Jersey-based Alfred Sanzari Enterprises, on an internal basis.

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First-Bordentown-Logistics-Center-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

First Industrial to Develop 208,000 SF Spec Distribution Center in Bordentown, New Jersey

by Taylor Williams

BORDENTOWN, N.J. — Chicago-based First Industrial Realty Trust will develop First Bordentown Logistics Center, a 208,000-square-foot speculative distribution center that will be located on the southern outskirts of Trenton. Building features will include a clear height of 36 feet, 45 trailer stalls, 42 dock doors, an ESFR sprinkler system and 2,950 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the undisclosed seller in the disposition of the 20-acre site on which the property will be located. Along with Cushman & Wakefield, NAI Mertz has also been tapped to market the facility for lease. Completion is slated for late 2022.

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LoansMultifamilyNew JerseyNortheast

JLL Arranges Two Loans Totaling $45.5M for Refinancing of New Jersey Apartments

by Taylor Williams

NUTLEY AND PALISADES PARK, N.J. — JLL has arranged two loans totaling $45.5 million for the refinancing of a pair of multifamily properties totaling 321 units in Northern New Jersey. Village Manor is a 227-unit community in Nutley that was originally built in 1950 and features one- and two-bedroom units ranging in size from 659 to 910 square feet. Palisades Manor is a 94-unit complex that was originally constructed in 1935 and offers studio, one- and two-bedroom units with an average size of 946 square feet. John Hancock Financial provided the fixed-rate loans, which respectively total $31.5 million and $14 million, to the borrower, Tidewater Real Estate. Greg Nalbandian and Michael Lachs of JLL placed the loans.

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100-Tice-Boulevard-Woodcliff-Lake-New-Jersey
Leasing ActivityNew JerseyNortheastOffice

Party City to Relocate Corporate Headquarters to Woodcliff Lake, New Jersey

by Taylor Williams

WOODCLIFF LAKE, N.J. — Accessories retailer Party City will relocate its corporate headquarters to 100 Tice Boulevard, a 208,911-square-foot office building located in the Northern New Jersey community of Woodcliff Lake. The company is consolidating its current headquarters offices in Rockaway and Elmsford, New York, into one location beginning next year. Ben Brenner of Cushman & Wakefield and Harlan Hollander of Savills represented Party City in the lease negotiations. Joe Sarno Sr., Jon Meisel and Jeff Babikian of CBRE represented the landlord, Signature Acquisitions.

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LoansMultifamilyNew JerseyNortheast

Progress Capital Arranges $44.3M Acquisition Loan for New Jersey Multifamily Portfolio

by Taylor Williams

MAHWAH, WESTWOOD AND SHORT HILLS, N.J. — Progress Capital has arranged a $44.3 million acquisition loan for a portfolio of three multifamily properties totaling 175 units in Northern New Jersey. Rolling Gardens is a 76-unit complex in Mahwah that consists of four buildings on a 5.3-acre site. Westview Apartment Complex totals 48 units across nine buildings and is located in Westwood. Short Hills Village comprises 51 units across three buildings and is located in Short Hills. Brad Domenico and Eddie Miro of Progress Capital arranged the loan in collaboration with Eric Regenbogen of Arbor Commercial Mortgage. The borrower was not disclosed.

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Harrison-Urby-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Urby Begins Leasing 381-Unit Apartment Community in Harrison, New Jersey

by Taylor Williams

HARRISON, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing its namesake multifamily property in the Northern New Jersey community of Harrison. The community consists of 381 units with studio, one-, two- and three-bedroom floor plans. Amenities include a pool, community garden, grilling areas, fitness center with a basketball court, rentable chef’s kitchen, dog run and an onsite café. Dutch architectural firm Concrete designed the community. Rents start at $1,935 per month for a studio apartment.

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AcquisitionsNew JerseyNortheastRetail

Irgang Group Acquires 393,000 SF Union Lake Crossing Shopping Center in Millville, New Jersey

by Taylor Williams

MILLVILLE, N.J. — New York-based investment and management firm Irgang Group has acquired Union Lake Crossing, a 393,000-square-foot grocery-anchored shopping center in Millville, located in the southern part of the state. Built on 43.3 acres in 2006, the property houses tenants such as Shoprite, Kohl’s, Ross Dress for Less, Staples and PetSmart. Restaurant users include Buffalo Wild Wings, Moe’s Southwest Grill and Sonic. Ben Bruner of Bruner Group represented Irgang Group in the transaction. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Goodman Properties.

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DevelopmentMultifamilyNew JerseyNortheast

Somerset, PulteGroup to Undertake Multifamily Redevelopment in Fort Monmouth, New Jersey

by Taylor Williams

FORT MONMOUTH, N.J. — A joint venture between New Jersey-based Somerset Development and PulteGroup will undertake a multifamily redevelopment project at the Lodging Area, a 15-acre site in Fort Monmouth, located in the central coastal part of the Garden State. The Lodging Area currently houses eight buildings, two of which are listed on the National Register of Historic Places, that will be repurposed into 36 affordable housing units. The development team will demolish the other six buildings to develop 144 townhomes. Including infrastructure such as a waterfront walkway, the project represents a total capital investment of about $30 million and is expected to generate more than 200 new construction jobs.

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Mansfield-Veterans-Community
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

WinnCos., Soldier On Near Completion of $23M Affordable Housing Project in Tinton Falls, New Jersey

by Taylor Williams

TINTON FALLS, N.J. — Developer WinnCos. and nonprofit Soldier On are nearing completion of a $23 million affordable housing project in Tinton Falls, located in the northern coastal part of the state. The property is reserved for military veterans, including those transitioning from homelessness, and offers services such as telehealth, homeownership guidance, credit counseling and legal counseling. In addition to apartments for veterans up to 80 percent of the area median income (AMI), the community includes a mix of residences for those earning up to 30 and 50 percent of AMI. All 70 units feature a one-bedroom floor plan. The community is slated to open next month, and about 80 percent of the 70 residences have already been leased. Construction began last fall.

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