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LoansMultifamilyNew JerseyNortheastStudent Housing

TSB Capital Advisors Arranges Refinancing for 696-Bed Student Housing Property Near Rutgers University

by Taylor Williams

NEW BRUNSWICK, N.J. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a fitness center, private and group study lounges, gaming spaces, a private parking garage and indoor bike storage. The community also houses ground-floor retail space. An affiliate of QuadReal Property Group provided the fixed-rate loan, which features a future funding component, to the borrower, a joint venture between The Scion Group and PGIM Real Estate.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Community Builders Breaks Ground on 53-Unit Affordable Housing Project in Central New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — The Community Builders, a nonprofit multifamily developer, has broken ground on Stirlingside Residences, a 53-unit affordable housing project in the Central New Jersey community of New Brunswick. Stirlingside Residences will feature 13 three-bedroom units, 30 two-bedroom residences and 10 one-bedroom apartments, with six units set aside for families and individuals who previously experienced homelessness. The majority (47) of the units are reserved for households earning 60 percent or less of the area median income. Amenities will include a community room, fitness room and onsite laundry facilities. Delivery is scheduled for mid-2025.

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681-Main-St.Belleville-New-Jersey
IndustrialLoansNew JerseyNortheast

Cushman & Wakefield Arranges $53.5M Construction Loan for Industrial Development in Belleville, New Jersey

by Taylor Williams

BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $53.5 million construction loan for a 204,407-square-foot industrial project in the Northern New Jersey community of Belleville. The site at 681 Main St. spans 15.3 acres, and the building will feature a clear height of 36 feet, 33 loading docks, four drive-in doors and parking for 160 cars and 43 trailers. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Los Angeles-based PCCP on behalf of the borrower, Lincoln Equities Group.

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IndustrialLoansNew JerseyNortheast

Faropoint Receives $90M Loan for Refinancing of Northern New Jersey Industrial Portfolio

by Taylor Williams

NORTH BERGEN, N.J. — Locally based investment firm Faropoint has received a $90 million loan for the refinancing of a portfolio of 10 industrial buildings totaling 770,000 square feet in North Bergen, located across the Hudson River from New York City. The buildings are all located within two industrial parks and were fully occupied at the time of sale. New York Life Real Estate Investors provided the loan, specific terms of which were not disclosed, to Faropoint.

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AcquisitionsNAINew JerseyNortheastOffice

NAI Hanson Arranges Sale of 8,000 SF Office Building in Succasunna, New Jersey

by Taylor Williams

SUCCASUNNA, N.J. — NAI James E. Hanson has arranged the sale of an 8,000-square-foot office building in Succasunna, about 50 miles west of Manhattan. The building sits on three-quarters of an acre at 22 U.S. Route 10 and is home to tenants such as Lakeside Endodontics and Suburban Natural Medicine. Joseph Vindigni of NAI Hanson represented the seller, Portwood LLC, in the transaction. The buyer was an entity doing business as Heritage Succasunna LLC.

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SpringHill-Suites-by-Marriott-Voorhees
AcquisitionsHospitalityNew JerseyNortheast

JLL Arranges Sale of 117-Room Marriott-Branded Hotel Near Philadelphia

by Taylor Williams

MOUNT LAUREL, N.J. — JLL has arranged the sale of a 117-room, Marriott-branded hotel located outside of Philadelphia in Mount Laurel. The SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill hotel is a four-story building that offers amenities such as a pool, fitness center, business center and 375 square feet of meeting and event space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNew JerseyNortheastOffice

Vatech America Signs 16,262 SF Office Lease in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — Vatech America, a manufacturer of dental imaging equipment, has signed a 16,262-square-foot office lease in the Northern New Jersey community of Teaneck. The space is located within the 670,000-square-foot, four-building Glenpointe mixed-use campus. Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Harlan Hollander of Savills represented the tenant.

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AcquisitionsMultifamilyNew JerseyNortheast

Hudson Atlantic Arranges $3.6M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

WOOD-RIDGE, N.J. — Locally based brokerage firm Hudson Atlantic has arranged the $3.6 million sale of The Highlander, a 19-unit apartment complex in the Northern New Jersey community of Wood-Ridge. The undisclosed seller originally developed the property, which according to Apatments.com exclusively offers one-bedroom units, in 1977. Adam Zweibel and Dante Fusaro of Hudson Atlantic brokered the deal. The buyer was also not disclosed.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Arranges $6.2M Sale of Central New Jersey Shopping Center

by Taylor Williams

FLEMINGTON, N.J. — Marcus & Millichap has arranged the $6.2 million sale of The Shoppes at Flemington, a 130,613-square-foot shopping center in Central New Jersey. Home Goods and Ulta Beauty anchor the center as part of a roster of 26 national and local tenants. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

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118-119 Broadway-Long-Branch
DevelopmentMultifamilyNew JerseyNortheast

Kushner Breaks Ground on $130M Multifamily Project in Long Branch, New Jersey

by Taylor Williams

LONG BRANCH, N.J. — New York City-based developer Kushner has broken ground on a $130 million multifamily project in the Northern New Jersey community of Long Branch. Designed by Minno + Wasko Architects & Planners, the property will comprise two four-story buildings that will house 299 units in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, coworking lounge, golf simulator, rooftop terraces, social lounges, pet spa, a children’s playroom and outdoor grilling and dining stations. A SuperFresh grocery market and neighborhood café will anchor the property’s retail component. The first units are expected to be available for occupancy in late 2025. Madison Realty Capital provided an $85 million construction loan for the project, and Unity Capital supplied $15 million in mezzanine financing.

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