NEWARK, N.J. — New Jersey-based Thorofare Capital has provided a $30.8 million loan for the redevelopment of a 25-story apartment tower located at 440 Elizabeth Ave. in Newark. Formerly known as Carmel Towers, the property consists of 216 units within a structure that was originally built in 1969 but has been vacant since 2012. The redevelopment will upgrade the flooring, appliances, fixtures and utility systems of the units. The project will also add enhanced amenities like a gym, bike room and a laundry room. Jonathan Bodner and Emanuel Westfried of Two Bins Capital arranged the loan on behalf of the sponsor, The Chetrit Group.
SOUTH BRUNSWICK, N.J. — G.S. Wilcox has arranged two loans totaling $29.5 million for the refinancing of a 449,000-square-foot warehouse in South Brunswick, located in Middlesex County. Gretchen Wilcox and Albert Raymond of G.S. Wilcox arranged the debt through Thrivent Financial on behalf of the borrower, a New Jersey-based family office. The loans were both structured with 15-year terms and fixed interest rates.
MONTVALE, N.J. — New Jersey-based developer S. Hekemian Group has completed Workplace North Market, a 52,000-square-foot office and retail project in the Northern New Jersey community of Montvale. The four-story building consists of 40,500 square feet of office space and 11,500 square feet of retail space. Law firm Beattie Padovano LLC has preleased 20,000 square feet at Workplace North Market as the anchor tenant.
BURLINGTON, N.J. — Lee & Associates has negotiated a 486,812-square-foot industrial lease at 1950 River Road in Burlington. The property sits on 43 acres and features a clear height of 36 feet, 86 external loading docks and parking for 264 vehicles and 103 trailers. Tony Rod, Brian Knowles, Patrick Lafferty II and Andrew Landolfi of Lee & Associates represented the landlord, Boston-based TA Realty, in the negotiations for the full-building lease. Scott Mertz of NAI Mertz represented the tenant, LC Logistics Services Inc.
BRIDGEWATER, N.J. — Life Care Services (LCS) has completed an $8 million renovation project at Laurel Circle, a seniors housing community in Bridgewater, located between New York City and Philadelphia. The project added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 acres. Hord Coplan Macht served as the architect and interior designer for the renovation.
FAIR LAWN, N.J. — Quinlan Development Group LLC has broken ground on a 1,084-unit self-storage facility in Fair Lawn, located across the Hudson River from The Bronx. Upon completion, which is slated for summer 2022, the $17 million facility will have a gross square footage of approximately 123,000 square feet. Bank OZK provided construction financing for the project, which is the fourth self-storage facility that Quinlan has developed from the ground up since 2018.
RARITAN, N.J. — New Jersey-based Accurate Builders & Developers has begun leasing Crossings at Raritan Station, a 256-unit apartment complex in Raritan, located in the northern-central part of the Garden State. The transit-oriented property features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and modern espresso cabinets. Private balconies are also available in select residences. Amenities include a coffee bar, fitness center, tennis court, basketball court, dog park, meditation garden, outdoor grilling areas and Amazon package lockers. Monthly rental rates start at $1,578 for a studio unit.
PARSIPPANY, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $10.5 million sale of Troy Office Center, a 126,000-square-foot complex located in the Northern New Jersey community of Parsippany. The four-building property sits on a 10.5-acre site that includes 670 feet of frontage along U.S. Highway 46. Tom Scatuorchio of Kislak represented the seller, a private investor, in the transaction. Scatuorchio also procured the buyer, Shree Parsippany Developers LLC.
NEWARK, N.J. — A team of industry professionals that includes New York-based Legacy Engineers and New Jersey-based architecture firm Clarke Caton Hintz (CCH) is underway on the $50 million redevelopment of Newark Symphony Hall. The building was originally constructed in 1905 and was added to the National Register of Historic Places in 1977. The development team is repositioning the building in three phases over five years. Earlier this month, the team unveiled the new façade and streetscape. The project will also upgrade the city block, adding bike lanes, a central island and transportation access. New Jersey-based consulting firm Reh + Main Design & Development managed the selection process of the historic preservation architect for the initial phase of the project.
NEWARK, N.J. — Bellwether Enterprise has provided $7.9 million in Freddie Mac permanent financing for Aston Heights, a newly constructed mixed-income property located at 685 MLK Blvd. in Newark. The property totals 154 units, 51 of which will be set aside for public housing and be subsidized by the Newark Housing Authority. In addition, 49 units will be subsidized by a long-term Section 8 Housing Assistance Program (HAP) contract. The borrower, Pennrose Properties, developed the property in conjunction with the Newark Housing Authority. Victor Agusta of Bellwether Enterprise originated the financing, which retires the original Freddie Mac construction loan.