EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.
MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county’s median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and dryers and emergency alarm systems. Amenities include a full kitchen, outdoor grilling areas, exercise areas and a resident clubhouse.
BAYONNE, N.J. — New Jersey-based development and management firm KRE Group has received a $45 million construction loan for Harbor Station North, a 200-unit apartment project in Bayonne, located across from Brooklyn. The three-building property will include 10,000 square feet of retail space and offers access to multiple public transit lines. PNC Bank and People’s United Bank provided the three-year loan, which was placed by George Gnad of Avison Young. The project is expected to be complete by spring 2020.
JERSEY CITY, N.J. — Locally based developer BNE Real Estate Group, in partnership with Hoboken Brownstone Co. and McKinney Properties, has begun leasing The Enclave, a 260-unit multifamily community in Jersey City, located across the Hudson River from Manhattan. Apartments include studio, one- and two-bedroom units with 9-foot ceilings, quartz countertops, stainless steel appliances, washers and dryers and private balconies in select units. The Enclave offers more than 40,000 square feet of resort-style amenity space, including a pool, private grilling areas and an outdoor bar. The property also features a fitness center, dog run, multiple entertainment lounges, a game room, coworking office space, a conference room and a children’s play area. Residents can also enjoy complimentary shuttle service to nearby public transit lines, as well as access to Amazon package lockers and 24-hour concierge services. Monthly rents start at $2,150 and some units are available for immediate occupancy.
BARRINGTON, N.J. — Boston-based commercial lender Tremont Mortgage Trust has provided a $37.6 million first mortgage bridge loan for the acquisition of Barrington Business Center, a 931,682-square-foot industrial facility located in Barrington, just south of Philadelphia. The multi-tenant property offers convenient access to I-295 and the New Jersey Turnpike, 30- to 34-foot clear heights and was approximately 94 percent occupied at the time of the loan closing. The floating-rate financing includes $34.9 million in initial funding and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a 79 percent loan-to-value ratio and a three-year term with a one-year borrower extension option. The borrower was not disclosed.
UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance loan program. The loan, the borrower of which was not disclosed, featured a fixed interest rate and a 20-year term.
CLIFTON, N.J. — Prism Capital Partners, a locally based owner-operator of commercial properties, will develop two office buildings in Clifton, New Jersey, a northern suburb of Newark. The project will add approximately 400,000 square feet of Class A space to ON3, the company’s 116-acre campus in Clifton that also extends into nearby Nutley Township. Prism has retained Chicago-based Goettsch Partners to design the buildings, construction timelines for which have not yet been released. Prism expects that corporate tenants and users will employ more than 5,500 people at ON3 by 2021.
BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a seven-year term and a fixed interest rate, through an undisclosed life insurance company. The borrower is Florida-based SROA Capital.
NEWARK, N.J. — Levin Johnston, a division of Marcus & Millichap, has brokered the $30 million sale of FlatRate Storage, a 1,777-unit self-storage facility in Newark. The property is situated on 6.2 acres and consists of three buildings offering a total of 101,161 net rentable square feet. The property recently underwent a $3 million capital improvement program that upgraded the roofs, fire alarms, signage, sprinklers, security systems and HVAC systems. Adam Levin of Levin Johnston represented the seller, a private investor, in the transaction. Levin also procured the buyer, SmartStop, which owns 129 self-storage facilities across the country.
WAYNE, N.J. — Axiom Capital Corp., a real estate finance and advisory firm with offices in New York and New Jersey, has arranged $52 million in permanent financing for a 473,670-square-foot warehouse in Wayne, located northwest of Newark. Situated on 31 acres, the property features 40-foot clear heights, 42 dock doors and proximity to I-80 and U.S. Route 46. A life insurance company provided the loan, which features a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was Peykar Family Properties of Wayne.