New Jersey

350-ocean-ave-long-beach-nj

LONG BRANCH, N.J. — Developer FEM South Beach Urban Renewal has retained B. Harvey Construction (BHC) for pre-construction services at South Beach at Long Branch, an oceanfront residential community located at 350 Ocean Ave. in Long Branch. BHC is collaborating with the development team for on-site work for the 47-unit project, which is situated on 1.6 oceanfront acres between Ocean Avenue and Ocean Boulevard. The firm will oversee pre-construction services, including concrete work, sheets/piling, and utility marking services executed by New Jersey American Water, Jersey Central Power & Light and New Jersey Natural Gas. Additionally, BHC is collaborating with the owner, Cornerstone Construction Services, on the bidding process. Ground broke for the project in August, with completion slated for 2018. FEM South Beach Urban Renewal is developing the project in collaboration with The Pinnacle Companies, Shore Point Architecture and Cornerstone Construction Services.

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colliers-morris-co-nj

MORRIS TOWNSHIP AND PINE BROOK, N.J. — Colliers International has arranged the sales of two former headquarters assets in Morris County. In the first transaction, Onyx Equities acquired Kemble Plaza I, located at 340 Mount Kemble Ave. in Morris Township, for $7.6 million. Situated on 40 acres, the 370,000-square-foot property is the former headquarters of AT&T. Jackie Chesler, Richard Madison and Jonathan Schlussel of Colliers represented the undisclosed seller in the deal. In the second deal, a New Jersey-based private buyer acquired 34 Corporate Plaza, an office building located at 34 Maple Ave. in Pine Brook, for $2.5 million. At the time of sale, the 130,000-square-foot building was 14 percent occupied. Chesler, Madison and Schlussel negotiated the transaction. The name of the seller was not released.

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deerwood-office-warren-nj

WARREN, N.J. — Deerwood Real Estate Capital has closed an $11 million non-recourse bridge loan for an office building located in Warren. The loan was funded at nearly 80 percent of the purchase price with an additional future funded amount of 100 percent of leasing cost and capital expenses. The 120,000-square-foot property is occupied by multiple tenants. Yaakov Leiser of Deerwood negotiated the loan for the undisclosed borrower.

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residence-at-roosevelt-park-edison-nj

EDISON, N.J. — Pennrose and Middlesex County officials have broken ground for Residence at Roosevelt Park, an affordable seniors housing complex overlooking Roosevelt Park in Edison. The $24.9 million project will restore and convert the historic Roosevelt Hospital — which was built as part of the New Deal through Federal Public Works Administration — into 84 one- and two-bedroom apartments with modern amenities for residents who are 62 and older. The apartment units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups and air conditioning. Six of the units will serve individuals with physical disabilities, and five will be reserved for homeless households. The property will also offer supportive services to all residents, an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening area. The New Jersey Housing and Mortgage Finance Agency, an affiliate of the New Jersey Department of Community Affairs, awarded the project 9 percent federal Low Income Housing Tax Credits, which will generate nearly $14 million in private equity.

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207-van-vorst-st-jersey-city-nj

JERSEY CITY, N.J. — Fields Construction Co. has begun work for the second phase of 207 Van Vorst Street in Jersey City. The second phase is the second of two 15-story buildings and will feature 153 luxury apartments and 7,305 square feet of retail space. The first phase, which is also under construction, features 255 residences and 7,237 square feet of retail space. Developed by Fields Development Group and designed by Marchetto Higgins Stieve, the project is situated adjacent to St. Peter’s Prep high school and within walking distance of New Jersey Transit’s PATH and light rail lines. Construction of the first phase is scheduled for completion in fall 2017 and the second phase is slated for completion in winter 2018. McLaren Engineering Group is providing structural engineering design and construction support for the project.

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ELIZABETH, N.J. — Cronheim Mortgage has closed $24.7 million in permanent bank financing upon the completion and stabilization of an apartment building located in Elizabeth. The six-story building features 100 rental units, grade-level retail, indoor parking and immediate access to the Elizabeth Transit Rail Station. The name of the borrower was not released.

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one-metlife-way-hanover-nj

HANOVER, N.J. — Bellwether Enterprise Real Estate Capital has closed a $68.9 million loan for the acquisition of One MetLife Way, the global headquarters for MetLife Investments located in Hanover Township. C. Cooper Willis of Bellwether arranged the loan, which was provided by Morgan Stanley, to the borrower, Salus Government Properties. The Class A building features 185,000 square feet of office space and an extensive park-like exterior with seating and lounge area, amphitheater, waterfall and fire pit.

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221-bergen-st-harrison-nj

HARRISON, N.J. — HFF has arranged the sale of 221 Bergen, an apartment building located at 221 Bergen St. in Harrison. The TAK Group acquired the 104-unit property from a joint venture between The Hampshire Companies and CrownPoint Development Group for an undisclosed price. Constructed in 2015, the property features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. On-site amenities include a 24-hour fitness center, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the deal.

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washington-valley-road-martinsville-nj

MARTINSVILLE, N.J. — Marcus & Millichap has brokered the sale of a retail property located on Washington Valley Road in Martinsville. A private investor acquired the property for $3.5 million. The strip center features 15,103 square feet of retail space. Michael Lombardi and Joseph Cunder of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

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gs-wilcox-blackwood-nj

BLACKWOOD, N.J. — G.S. Wilcox & Co. has arranged a $7 million loan for a six-building industrial-flex park in Blackwood. The loan is fixed for a seven-year term with a 25-year amortization. The 240,000-square-foot property is nearly 95 percent leased to more than 30 tenants. The financing was provided by Southern Farm Bureau Life Insurance Co. for the undisclosed borrower.

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