NEW BRUNSWICK, N.J. — Israel’s Bank Hapoalim has provided a $33 million construction loan for Joyce Kilmer Logistics Center, a 195,421-square-foot industrial project that will be located in the Central New Jersey community of New Brunswick. The site is proximate to Exit 9 off the New Jersey Turnpike, and the facility will have two buildings that will feature a clear height of 36 feet and 32 loading docks. Brad Domenico, Frank Stanislaski and Jack Subers of Cushman & Wakefield arranged the loan on behalf of the borrower, a partnership between two New Jersey-based firms, Faropoint and Deugen Development.
CLIFTON, N.J. — Regional healthcare provider Hackensack Meridian has opened a four-story, 90,000-square-foot facility in the Northern New Jersey community of Clifton. Designed by Gensler, Hackensack Meridian Health & Wellness Center at Clifton is located on Prism Capital Partner’s ON3 campus, which is a redevelopment of the former Hoffmann-La Roche North American headquarters campus. Specialty practices offered at the facility include primary care, urgent care, rheumatology, gastroenterology, nephrology and orthopedics.
ELMWOOD PARK, N.J. — JLL has arranged a $131.1 million bridge loan for a 390-unit multifamily property in the Northern New Jersey community of Elmwood Park. The financing covers Phases III and IV of a larger development known as Riverwalk. Units feature a mix of one-, two- and three-bedroom floor plans and range in size from 772 to 2,321 square feet. Riverwalk offers amenities such as a pool, fitness center, outdoor grilling and dining areas, a dog park, riverside nature path, multiple resident lounges and coworking space. Thomas Didio, Thomas Didio Jr., Gerard Quinn, Michael Mataras and Tyler Caricato of JLL arranged the five-year, floating-rate loan through MF1 Capital. A private real estate company headed by Bernard Langan owns Riverwalk.
PAULSBORO, N.J. — New York-based investment firm PRC has acquired Paulsboro Gardens Apartments, a 150-unit affordable housing complex located outside of Philadelphia in Southern New Jersey. The property comprises 21 low-rise buildings. PRC plans to undertake accessibility upgrades, interior unit renovations and exterior improvements, as well as improve mechanical and utility systems, to extend the property’s affordability status. The seller and sales price were not disclosed.
RANDOLPH, N.J. — Woodmont Properties and Canoe Brook Development have begun leasing WoodBrook at Randolph, a 199-unit apartment complex located about 40 miles west of Manhattan in Northern New Jersey. WoodBrook at Randolph consists of a four-story, mid-rise building that houses 97 traditional flats and seven townhome-style buildings that house the remaining 102 residences. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, coworking spaces and a game den with a sports simulator. Construction began in spring 2024. Information on starting rents was not announced.
FAIRFIELD, N.J. — Regional investment firm Ridgecut Road has purchased a 5.8-acre industrial outdoor storage (IOS) facility in the Northern New Jersey community of Fairfield. The property address was not disclosed. The facility features a 35,000-square-foot warehouse and maintenance facility with 26- to 30-foot clear heights and three oversized drive-in doors, as well as a two-story, 10,000-square-foot office building. Nicholas Stefans and Jason Lundy of JLL brokered the sale of the property. Michael Klein, Max Custer and Kevin Badger, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.
KENILWORTH, N.J. — Newmark has brokered the $322 million sale of a facility within the Northeast Science & Technology Center, a 107-acre data center and life sciences campus located in the Northern New Jersey community of Kenilworth. Spanning roughly 2 million square feet and formerly owned and occupied by pharmaceutical company Merck, the campus comprises nine buildings with office, lab and research-and-development space, as well as a 50-megawatt substation, cogeneration and chiller plants and a central boiler facility. The buyer, New Jersey-based data center owner-operator CoreWeave, committed last fall to a 280,000-square-foot lease and a larger $1.2 billion investment at the property. The seller, a partnership between Onyx Equities and Machine Investment Group, bought the campus in 2023 for $187.5 million with plans to reposition the property into a life sciences and innovation hub. The Newmark deal team included Andrew Warin, Josh King, Brent Mayo, Doug Harmon and Jordan Roeschlaub. Cushman & Wakefield represented the buyer in the transaction.
WATCHUNG, N.J. — A partnership between Boston-based investment firm Marcus Partners and two regional developers, Sterling Properties and Danbro Properties, has broken ground on a 230-unit multifamily project in the Northern New Jersey community of Watchung. Blue at Watchung will comprise six buildings on a 41.8-acre site. Amenities will include a pool, clubhouse, fitness center, coworking spaces, indoor/outdoor lounges, dog park and a golf simulator. The first units are expected to be available for occupancy by the end of 2026. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged construction financing for the project through First Citizens Bank. The loan amount was not disclosed, but the project carries a price tag of roughly $104 million.
INDEPENDENCE TOWNSHIP, N.J. — Locally based owner-operator Woodmont Properties has sold Woodmont Liberty Apartments, a 120-unit multifamily complex in Independence Township, about 60 miles west of New York City. Completed in 2023 and fully stabilized at the time of sale, the property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Steve Tragash, Greg Pine, Eli Herskowitz and Angela Melillo of Sage Investment Real Estate Advisors represented Woodmont and the undisclosed buyer in the transaction.
SOMERDALE, N.J. — NAI Mertz has negotiated the $6.4 million sale of a 44,055-square-foot industrial building in Somerdale, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the building at 900 Kennedy Blvd. was originally constructed in 1980 and features a clear height of 12 feet and five loading docks. Scott Mertz of NAI Mertz represented the buyer, plumbing and HVAC products distributor F.W. Webb, in the transaction. Jonathan Klear, also with NAI Mertz, represented the seller, locally based investment firm Faropoint.