HOBOKEN, N.J. — Gary Cohen of NorthMarq Capital’s New Jersey-based office has secured the $80 million refinancing of a portfolio of multifamily properties containing 519 total units. The five properties are located throughout Hoboken. The 12-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company.
EAST ORANGE, ORANGE, AND IRVINGTON, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the sales of several multifamily residential properties in East Orange, Orange and Irvington. The transactions include a total 170 units, which were purchased for a combined $12.8 million. Oropeza represented the buyers and sellers in each transaction. An East Orange portfolio sale includes 73 units spanning six properties. These include 63 N. Walnut St., 132 N. Grove St., 433 William St., 75 Carnegie St., 572 Springfield Ave. and 998 18th Ave. Also in East Orange, Oropeza arranged the $2.6 million sale of 30 units at South Harrison Apartments, located at 370 S. Harrison St. In Orange, Oropeza represented the seller and procured the buyer of 364 and 372 White St., totaling 42 units. In Irvington, Oropeza arranged the $1.95 million sale of 25 units at 25 Linden Ave.
BRANCHBURG, N.J. — J.G.Petrucci Co. has acquired an 18.4-acre site on Meister Avenue in Branchburg. The company plans to develop a 187,500-square-foot speculative industrial facility on the site, which will be available for lease in spring 2018. Joel Lubin of Jones Lang LaSalle’s Iselin, N.J., office represented J.G. Petrucci Co. in the transaction, and will also serve as leasing agent for the property. The facility will be constructed using precast concrete. Once completed, it will feature 31 loading docks, two drive-in doors and 36-foot clear ceiling heights. Parking for 134 cars and 16 trailers will be available on site as well.
SWEDESBORO, N.J. — NAI Mertz has secured a sale-leaseback transaction at 509 Heron Drive, a 55,000-square-foot industrial building in Swedesboro. A subsidiary of Burton Real Estate purchased the building. NAI Mertz’s Jonathan Klear and Fred Meyer were the sole brokers in the transaction. Located within Pureland Industrial Complex, 509 Heron Drive features a crane-served warehouse and an existing two-story office, as well as a computer room, and reception and kitchen areas. Situated on a 14.7-acre lot, the building features two drive-in doors, five loading docks and one drive-thru service bay. The warehouse includes 22-foot clear ceiling heights and 40-foot by 40-foot column spacing. The warehouse area also includes five cranes. Offering access to Exit 10 of I-295, Pureland Industrial Complex is home to tenants such as Amazon, Home Depot and Mitsubishi.
EATONTOWN, N.J. — Ray Smith of Stafford Smith Realty has arranged the $5.5 million sale of 40 Christopher Way, Block 3901, Lot 46 in Eatontown to Victory International. The building formerly served as the headquarters of DSCI, a government defense contractor. Victory International is a distributor of cosmetics and perfumes and is relocating from Edison, N.J. Stafford Smith Realty was the broker for both the seller and the buyer. Stafford Smith marketed the property with Keen Associates for Bank of America. The building sits on seven acres and consists of 45,000 square feet of offices and 30,000 square feet of warehouse space.
FLORHAM PARK, N.J. — A new Pastosa Ravioli restaurant has opened in Regency Plaza at 186 Columbia Turnpike in Florham Park. With stores already open in New York City, Cranford and Manalapan, N.J., the Florham Park location became Pastosa’s 11th overall. Pastosa is a family-owned business specializing in ravioli and specialty Italian products, sauces, mozzarella cheese and prepared foods. Alison Horbach of Ripco Real Estate identified the location and brokered the transaction on behalf of Pastosa. Florian Suserman, also of Ripco, represented the owners of Regency Plaza.
LONG BRANCH, N.J. – Conceptual renderings of the interiors and common areas are now available for South Beach at Long Branch, a luxury residential project. Currently under construction, South Beach at Long Branch occupies 1.7 oceanfront acres between Ocean Avenue and Ocean Boulevard at the intersection of North Bath Avenue. FEM South Beach Urban Renewal is the developer for the project, which will include 47 one- to five-bedroom multifamily residences ranging from 1,352 to 3,382 square feet, with pre-construction pricing starting at $1.2 million. Completion is slated for spring 2019. Construction crews will pour concrete and place footings and foundations in the next 90 days. Members of the architectural, construction and design teams include construction managers David Ulassin and Jared Yorder of Cornerstone Construction, interior designers Brian Dumervil and Steven Gurowitz of Interiors by Steven G., site engineer John Buletza of Nelson Engineering and architect Stephen Carlidge of Shore Point Architecture.
NORTH BERGEN, N.J. – Marcus & Millichap has arranged the sale of Riverview Lofts, an eight-unit apartment property located in North Bergen, for $3.1 million. David Thurston and Charles Loccisano of M&M’s New Jersey office represented the seller, a limited liability company, as well as the buyer. Riverview Lofts is located at 8917 Old River Road in North Bergen, across the street from Edgewater Town Hall.
SHREWSBURY, N.J. — Cronheim Mortgage has arranged $30 million in financing for Shrewsbury Plaza, a community retail center located along Route 33 in Shrewsbury. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage originated the loan for the undisclosed borrower. The loan self-liquidates over a 30-year period and was funded by American General Life Insurance Co. Totaling 223,000 square feet, the property features five multi-tenant buildings and two freestanding outparcels. Marshalls, Saks Off-5th, Visionworks, Jo-Ann Fabrics, Massage Envy, CVS/pharmacy, Great Clips, Jersey Mike’s Subs, Petvalu and Verizon Wireless are tenants at the center. Additionally, HomeGoods is slated to open at the property later this year.
PISCATAWAY, N.J. — HFF has arranged $22 million in construction financing for 2 Turner Place, a to-be-built speculative warehouse and distribution building in Piscataway. A joint venture partnership between F. Greek Development and LaSalle Investment Management is the borrower. Michael Klein of HFF secured the three-year construction loan with TIAA-CREF Trust Co. FSB, known as TIAA Direct, for the borrower. Situated on 63.9 acres, the 451,800-square-foot facility will feature 36-foot clear heights, 149 loading doors, two drive-in doors and parking for 170 cars and 150 trailers. The property is scheduled for completion in the second half of the year.