JERSEY CITY, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged $17.8 million in financing for Old Colony Square, a 100,760-square-foot shopping center in Jersey City. Asian grocer 99 Ranch Market anchors the center, which was fully leased at the time of the loan closing. Other tenants include McDonald’s, Advance Auto Parts and Dunkin’. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the fixed-rate loan through an undisclosed life insurance company on behalf of the owner, National Realty & Development Corp.
JERSEY CITY, N.J. — The Urban Investment Group at Goldman Sachs Alternatives has provided $200 million in financing for Homestead Gateway, a 34-story mixed-income multifamily project that will be located in Jersey City’s Journal Square neighborhood. The borrower is Lions Group, a family-owned development firm based in New York. The package covers an array of financing instruments, including a construction loan, bridge debt facility, Low-Income Housing Tax Credit equity and a tax credit purchase through the New Jersey Economic Development Authority’s Aspire program. The financing package also includes a forward Freddie Mac commitment for the tax-exempt and taxable permanent loans. The site is currently home to a municipal parking lot. Of the building’s 360 units, 90 will be set aside as affordable housing, although specific income restrictions were not announced. Homestead Gateway will also feature 3,000 square feet of ground-floor retail space and amenities such as a rooftop lounge, fitness center and shared workspaces. The groundbreaking is set to occur in the coming days. Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr. of JLL advised Lions Group on the structured capitalization and forward Freddie Mac commitment. “Mixed-income developments like Homestead Gateway demonstrate …
PARSIPPANY, N.J. — JLL has brokered the sale of 14 Sylvan Way, a 203,506-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2013 within the 2.1-million-square-foot Arbors @ Parsippany office campus, 14 Sylvan Way is a three-story building with a cafeteria/bistro, courtyard, tenant lounge, game room and conference facilities. The building was fully leased at the time of sale to Travel + Leisure Co. Jose Cruz, Jeremy Neuer, Michael Kavaler and Tim Greiner of JLL represented the undisclosed, institutional seller in the transaction and procured the buyer, Signature Acquisitions.
SOUTH ORANGE, N.J. — Kennedy Funding, a New Jersey-based direct private lender, has provided a $2.8 million land loan for a development site in the Northern New Jersey community of South Orange. The parcels at 270 and 299 Irvington Ave. total 2.2 acres. Plans call for 61 residential units and several commercial spaces. The debt was structured with a 55 percent loan-to-value ratio. The borrower was not disclosed.
DOVER, N.J. — A joint venture between local investment firm Legacy Real Estate Developers, Saddleback Real Estate Developers and Commerce Park Investors has acquired a 126,108-square-foot office and industrial building in Dover, about 40 miles west of New York City. The building formerly housed the U.S. headquarters of Japanese electronics giant Casio. Elli Klapper of CBRE brokered the deal. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program.
FAIRFIELD, N.J. — Locally based brokerage firm Resource Realty of Northern New Jersey has negotiated a 48,100-square-foot industrial lease renewal in Fairfield. According to propertyshark.com, the building at 19 Daniel Road was originally constructed on 3.1 acres in 1968. Greg Sabato of Resource Realty represented the tenant, locally based freight company Best-Way-Trucking, in the lease negotiations. Sabato also represented the undisclosed landlord.
PATERSON, N.J. — Marcus & Millichap has brokered the $5.2 million sale of a 12,892-square-foot retail strip center in the Northern New Jersey community of Paterson. The center at 385 McLean Blvd. was fully leased at the time of sale to Bank of America, Wingstop, Krauszer’s, Tony’s Bagels, Mina Place and Crispy Beauty. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WEST ORANGE, N.J. — Regional brokerage firm BlueGate Partners has negotiated the sale of Stonehill at West Orange, a 423-unit multifamily property located in Northern New Jersey. Completed in 2024 by BNE Real Estate, the property is a recent redevelopment of a former office campus and offers one- and two-bedroom units along with 44,000 square feet of amenity space. Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis and Jeremy Silber of BlueGate Partners brokered the deal. The buyer was not disclosed.
FRANKLIN, N.J. — Bounce Air Adventure Park will open a 21,000-square-foot entertainment venue in the Northern New Jersey community of Franklin. The space is located within the 268,000-square-foot Rutgers Plaza shopping center and will feature a ropes course, climbing structures, obstacle course, mini basketball court and a jungle gym with slides. Robert Elbaz of Sholom & Zuckerbrot Realty represented Bounce Air in the lease negotiations. Levin Management Corp. leases and manages Rutgers Plaza.
FAIRFIELD, N.J. — JLL has brokered the sale of the 122-room Courtyard by Marriott Wayne Fairfield hotel in Northern New Jersey. Built in 2018, the four-story hotel features 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites. Amenities include an indoor pool, fitness center, onsite restaurant and 1,587 square feet of meeting and event space. Phil White of JLL represented the seller, RiverLink Hotels, in the deal. Jillian Mariutti, also with JLL, arranged acquisition financing through M&T Bank on behalf of the buyer, Concord Hospitality.