ROCKAWAY, N.J. — A partnership between two New Jersey-based developers, Kushner Real Estate Group (KRE) and Russo Development, has received a $71 million construction loan for a 345-unit apartment project in Rockaway, about 35 miles west of New York City. The property, which will be branded Rock Pointe, will offer a mix of one-, two- and three-bedroom units. Amenities will include a pool, tennis courts, an outdoor terrace with TVs and grilling stations, a game room, conference room and a dog run. City National Bank provided the construction financing in partnership with Provident Bank. The development team expects to begin leasing the property next fall.
WOODBRIDGE, N.J. — Locally based developer Woodmont Industrial Partners has begun vertical construction of a 101,425-square-foot distribution center at 85 New Brunswick Ave. in the Northern New Jersey city of Woodbridge. The property will offer proximity to State Routes 440 and 9, as well as the New Jersey Turnpike and Garden State Parkway. Building features will include 36-foot clear heights and 12 dock doors with the option to expand to 24. Woodmont acquired the site in July and expects to complete the project in the second quarter of next year. CBRE is handling leasing of the property.
WOODBRIDGE, N.J. — New Jersey-based developer TFE Properties has delivered Luxe Apartments, a 117-unit multifamily community in the Northern New Jersey city of Woodbridge. The property is situated across from Woodbridge Center Mall and houses retail space on the first floor, office space on the second floor and residential units on floors three through nine. Units feature one- and two-bedroom floor plans and range in size from 706 to 1,286 square feet. Amenities include two fitness centers with spin and cycling studios, shared workspaces, a resident clubroom with various games and a package locker room. Rents start at $1,675 per month for a one-bedroom unit.
ORANGE, N.J. — Marcus & Millichap has brokered the $14 million sale of 400 Highland Terrace, an 81-unit apartment building in Orange, an eastern suburb of Newark. The unit mix comprises 10 studios, 61 one-bedrooms and 10 two-bedrooms. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
BAYONNE, N.J. — A local developer doing business as 957 Broadway, Urban Renewal LLC has opened Bay One, a 91-unit apartment complex located in the Northern New Jersey city of Bayonne. Bay One offers studio, one- and two-bedroom units and an 8,000-square-foot rooftop garden with grilling and dining areas, a fire pit lounge, fenced dog run and pet spa station. Rents start at $1,750 per month for a studio unit.
PHILADELPHIA — Bellwether Enterprise Real Estate Capital has acquired Philadelphia-based Maher Commercial Mortgage LLC, effectively expanding its presence in the Southern Pennsylvania and New Jersey region. The acquisition will add more than $900 million in annual loan volume and $3 billion in servicing to Bellwether Enterprise’s existing portfolios. Firm leader Thompson Maher will join Bellwether Enterprise as an executive vice president, and his six support staff and five loan producers will also join the acquiring entity.
RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.
PISCATAWAY, N.J. — BNE Real Estate and Sterling Properties have begun leasing The Grove at Piscataway, a 110-unit apartment community in Northern New Jersey. The property offers one- and two-bedroom units that feature quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a fitness center, coworking lounge, children’s play area, Amazon package lockers and a dog spa, as well as an outdoor pool and grilling areas. Rents start from high $1800s, and limited-time incentives of up to two months free are currently available based on a 26-month lease.
FLORHAM PARK, N.J. — JLL has negotiated the sale of 180 Park Avenue, a 228,000-square-foot office building in Florham Park, about 30 miles west of New York City. Built in 2001, The Class A building is situated on 26.6 acres within the 268-acre Green at Florham Park master-planned development that is also home to Summit Medical Group, MD Anderson and the New York Jets. The building was 75 percent leased at the time of sale and offers amenities such as a newly renovated atrium lobby with a coffee bar, full-service cafeteria, fitness center, tenant lounge and a conference center. Container shipping firm Maersk Inc. is the building’s anchor tenant. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the undisclosed seller in the transaction. The buyer was a joint venture between Vision Properties and The Birch Group. Greg Nalbandian of JLL placed a three-year, floating-rate acquisition loan through CBRE Global Investors on behalf of the buyer.
JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.