New Jersey

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

Acquisitions Industrial New Jersey Northeast

Prologis Acquires 125,500 SF Industrial Property in Teterboro, New Jersey

by Taylor Williams August 21, 2023

TETERBORO, N.J. — San Francisco-based Prologis has acquired a 125,500-square-foot industrial property in the Northern New Jersey community of Teterboro. The property features 15 loading docks, four drive-in doors, clear heights of 14 to 16 feet, parking for over 125 cars and nearly 60 trailers and 18,516 square feet of office space. Thomas Vetter, Jeffrey DeMagistris and Gary Sauerborn of NAI James E. Hanson represented the seller, Marschall Partners LP, in the transaction. The sales price was not disclosed.

August 21, 2023

Acquisitions Industrial New Jersey Northeast

Colliers Brokers $10.2M Sale of Industrial Flex Facility in Pennsauken, New Jersey

by Taylor Williams August 21, 2023

PENNSAUKEN, N.J. — Colliers has brokered the $10.2 million sale of a 104,500-square-foot industrial flex facility located in Pennsauken, located just outside of Philadelphia in Southern New Jersey. The property was fully leased to American Furniture Rentals at the time of sale. The buyer was a private equity group with significant holdings in the Mid-Atlantic region. The seller was undisclosed. Eric Grad of Colliers represented both sides in the deal.

August 21, 2023

Development Multifamily New Jersey Northeast

Accurate Completes 185-Unit Apartment Complex in Little Falls, New Jersey

by Taylor Williams August 18, 2023

LITTLE FALLS, N.J. — New Jersey-based developer Accurate has completed Citizen Little Falls, a 185-unit apartment complex located about 20 miles west of New York City. The transit-served property features one- and two-bedroom units. The amenity package comprises a fitness center, outdoor grilling and dining stations, business center, mail and package room, lobby lounge and a pet spa. Rents start at $2,640 per month for a one-bedroom apartment.

August 18, 2023

Loans Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Provides $6.7M Agency Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 17, 2023

BOUND BROOK, N.J. — Walker & Dunlop has provided a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit apartment complex located in the Northern New Jersey community of Bound Brook. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom apartments and 16 two-bedroom apartments. The borrower was New Jersey-based Reynolds Asset Management.

August 17, 2023

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Begins Renovations at Allendale Senior Living in Northern New Jersey

by Taylor Williams August 16, 2023

ALLENDALE, N.J. — Marquis Health Consulting Services has begun renovations at Allendale Senior Living, an assisted living and healthcare facility in Northern New Jersey. The unit count was not disclosed, but the property spans 146,000 square feet and sits on a 12-acre site. Renovations include a refresh of corridors, expansion of some apartments and the introduction of new amenities, including lounges, a private dining room and a salon. Marquis will also upgrade the movie theater and landscaping, and has already completed the redesign of the lobby and main dining room.

August 16, 2023

Industrial Leasing Activity New Jersey Northeast

Orthofeet Inc. Signs 71,870 SF Industrial Lease Renewal in Norwood, New Jersey

by Taylor Williams August 16, 2023

NORWOOD, N.J. — Orthofeet Inc., a provider of inserts and other custom footwear products, has signed a 71,870-square-foot industrial lease renewal in the Northern New Jersey community of Norwood. Orthofeet has been a tenant at the building at 335 Chestnut St., which spans 111,300 square feet and was constructed in 1969, since 2019. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. Daniel Whitehead of Resource Realty represented Orthofeet.

August 16, 2023

Development New Jersey Northeast Retail

Accurate, DeVimy Equities Complete 140,000 SF Retail Redevelopment Project in Northern New Jersey

by Taylor Williams August 15, 2023

MORRIS TOWNSHIP, N.J. — A partnership between two New Jersey-based developers, Accurate and DeVimy Equities, has completed Morris Marketplace, a retail redevelopment project in Northern New Jersey. The project brings 140,000 square feet of shopping, dining and entertainment space to the former corporate campus of Palmolive-Colgate in Morris Township. Morris Marketplace also features pocket parks, splash pads, public seating areas and al fresco dining spaces. Approximately 30 tenants have committed to the project, with more than half now open and operating.

August 15, 2023

Affordable Housing Development Multifamily New Jersey Northeast

Walters Breaks Ground on 63-Unit Affordable Housing Complex in Chatham, New Jersey

by Taylor Williams August 15, 2023

CHATHAM, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The 3.2-acre site formerly housed a restaurant that is now defunct. Units will come in one-, two- and three-bedroom formats and range in size from 807 to 1,343 square feet. Residences will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center, community room and outdoor grilling and dining stations. Walters is developing the project in partnership with Chatham Township. Completion is slated for late 2024.

August 15, 2023

Development Industrial New Jersey Northeast

Crow Holdings Completes 1.2 MSF Industrial Project in Carteret, New Jersey

by Taylor Williams August 14, 2023

CARTERET, N.J. — Crow Holdings has completed Crow Holdings at Carteret, a 1.2 million-square-foot speculative industrial facility that is situated on a 126-acre site in Northern New Jersey. The development consists of three buildings ranging in size from 335,000 to 480,000 square feet that feature 40-foot clear heights, as well as a total of 174 dock doors, 140 trailer parking spaces and six drive-in ramps. Construction was completed in about 18 months. Cushman & Wakefield is the leasing agent.

August 14, 2023

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