LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.
BENSALEM, PA. — Hanley Investment Group Real Estate Advisors has arranged the $12.5 million sale of Bensalem Crossings, a 67,215-square-foot shopping center located roughly 19 miles north of Philadelphia. Bensalem Crossings was fully leased at the time of sale, with ShopRite and CVS occupying 93 percent of the space. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, Adler Realty Investments Inc., in the transaction. The team also procured the buyer, an undisclosed, Southern California-based private investor.
ATLANTIC CITY, N.J. — Texas-based hospitality owner-operator NewcrestImage has opened the 105-room Seahaus Hotel in Atlantic City. The boutique hotel, which occupies a full city block along the city’s boardwalk and includes 6,600 square feet of retail space, will be operated as part of Marriott’s Tribute Portfolio family of brands. In addition to multiple onsite food-and-beverage options, the hotel offers a fitness center, live weekend entertainment and customized golf, boating and wellness options through local vendor partners.
JERSEY CITY, N.J. — JLL has arranged the $340 million refinancing of two Jersey City apartment buildings totaling 938 units. The 36- and 48-story buildings are known as 50 and 70 Columbus and were completed in 2007 and 2015, respectively. Both buildings feature studio, one-, two- and three-bedroom units with in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless steel appliances. Amenities include a heated outdoor pool, fitness center, rooftop deck with grilling spaces and a courtyard. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL arranged the debt through Truist Financial Corp. on behalf of the owner, a joint venture between Ironstate Development Co. and Panepinto Properties.
HO-HO-KUS, N.J. — Vertical Real Estate Capital has completed 619 North, a 67-unit multifamily project located in the Northern New Jersey community of Ho-Ho-Kus. The property offers one- and two-bedroom units and amenities such as a residential lounge, coffee bar, coworking center with private conference rooms, fitness center, sport simulator and a rooftop lounge. Mary Cook Associates handled interior design of the project. Jon Mikula, Max Custer and Michael Donohoe of JLL arranged permanent financing for the project through an undisclosed life insurance company. Rents start at $3,400 per month for a one-bedroom apartment.
NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of an apartment building located at 719 Willow Ave. in Hoboken. The building consists of nine apartments and one ground-floor commercial space that is newly renovated and is leased to a laundromat operator. Jonathan Zamora of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
FORT LEE, N.J. — Locally based firm Weiss Realty has sold a multifamily development site in the Northern New Jersey community of Fort Lee for approximately $1.8 million. The 13,700-square-foot site at 2130 Center Ave. is approved for the development of 24 new units. Bruce Elia of Keller Williams represented both Weiss Realty and the buyer, local developer Scott Heagney, in the transaction.
HELMETTA, N.J. — JLL has arranged a $38.4 million loan for the refinancing of The Lofts at Helmetta, a 200-unit apartment complex in Central New Jersey. The complex is a conversion of the historic Helme Snuff Mill Complex, which was originally built in 1886 and shuttered in 1993. Residences come in one- and two-bedroom floor plans and are furnished with stainless steel appliances, granite countertops, hardwood plank flooring and in-unit washers/dryers. Amenities include a pool, fitness center, dog park, children’s play area, pet spa, bar/arcade room and a resident lounge with a coffee bar. Jim Cadranell, Michael Klein and Michael Donohoe of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the owner, Kaplan Cos.
OLD TAPPAN, N.J. — Locally based developer Hornrock Properties has completed Park & Arbor, a 110-unit apartment building in Old Tappan, located on the New York-New Jersey border. The property houses one-, two- and three-bedroom units and 21,000 square feet of retail and restaurant space. Indoor amenities include a fitness center, café, conference rooms, package lockers, children’s playroom and a clubroom/speakeasy with a bar, arcade, card table and billiards. Outside, residents have access to a pool, grilling and dining areas, multiple gardens/courtyards, putting green, pet walking area and a bocce ball court. Mary Cooke Associates handled interior design of the project. Leasing launched last fall. Rents for available one-bedroom apartments start at $3,800 per month.
WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has completed The Reserve at Estuary, a 218-unit apartment complex in the Northern New Jersey community of Weehawken. Designed by MHS Architecture, the property is located within the 60-acre Lincoln Harbor mixed-use development and offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and smart technology. Select residences have patios. Amenities include a pool, outdoor lounge, courtyard, fitness center, game room and a coworking lounge. Leasing began in April, at which point rents started at $3,300 per month for a studio apartment.