New Jersey

Advance Realty Completes 399-Unit Multifamily Project in Harrison, New Jersey

by Taylor Williams August 2, 2023

HARRISON, N.J. — Locally based developer Advance Realty Investors has completed The Wyldes, a 399-unit multifamily project in the Northern New Jersey community of Harrison. The five-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a rooftop lounge with a bar and TVs; landscaped courtyard with fire pits and gaming areas; resort-style pool with grilling and dining stations; commercial-grade demonstration kitchen; coworking lounge with private offices and conference facilities; a billiards room with a media lounge and kitchenette; and a two-level fitness center with a yoga studio. Roughly 25 percent of the units are preleased, with rents starting in the mid-$2,000s per month.

August 2, 2023

Development Multifamily New Jersey Northeast

Slate Property Group, McCourt Partners Provide $59M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams August 1, 2023

JERSEY CITY, N.J. — Slate Property Group and McCourt Partners have provided a $59 million bridge loan for a 285-unit multifamily project in the McGinley Square area of Jersey City. The borrower, a partnership between Sequoia Development Group and Bushburg Properties, will use the proceeds to complete construction, lease-up and stabilization of the 16-story building. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a dog run, fitness center, coworking lounge, conference room and an indoor/outdoor rooftop deck, as well as 5,109 square feet of commercial space. Sam Rottenberg of SPR Group arranged the two-year, floating-rate loan on behalf of the developers. Full completion is slated for the first quarter of 2024.

August 1, 2023

Development Multifamily New Jersey Northeast

Adoni Property Group Completes 44-Unit Multifamily Project in Hillsborough, New Jersey

by Taylor Williams August 1, 2023

HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has completed The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property, which is now 90 percent occupied, offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Rents at the remaining two-bedroom units start at $2,900 per month.

August 1, 2023

Development Multifamily New Jersey Northeast

Garden Communities Completes Lease-Up of 175-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams July 27, 2023

TOMS RIVER, N.J. — New Jersey-based developer Garden Communities has completed the lease-up of Green Meadows at Pleasant Plains, a 175-unit apartment complex located in the coastal New Jersey community of Toms River. The property, which is now fully occupied, offers a mix of two- and three-bedroom townhomes and one- and two-bedroom apartments. Select residences offer private balconies/patios. Amenities include a pool, fitness center, community room, playground and walking trails.

July 27, 2023

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $13.1M in Financing for Northern New Jersey Shopping Centers

by Taylor Williams July 27, 2023

ELIZABETH AND ROSELLE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged $13.1 million in financing for two shopping centers totaling roughly 99,500 square feet in Northern New Jersey. Color Plaza, a 49,309-square-foot asset in Elizabeth, was approximately 95 percent leased to 12 tenants at the time of the loan closing. Roselle Commons was built in 2004 and is fully leased to 18 tenants, including Pep Boys, Green Grocer, Quest Diagnostics, GNC and T-Mobile. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage originated the financing on behalf of the borrower, New Jersey-based Color Management. The direct lender was not disclosed.

July 27, 2023

Development Loans Multifamily New Jersey Northeast

Titanium Realty Group Receives $42.5M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams July 26, 2023

JERSEY CITY, N.J. — Regional developer Titanium Realty Group has received a $42.5 million bridge loan for a newly built, 148-unit multifamily project in Jersey City. The 19-story building houses 80 studios, 46 one-bedroom units, 19 two-bedroom residences and three three-bedroom apartments, as well as 4,500 square feet of ground-floor retail space. Daniel Cohen and Tal Savariego of Meridian Capital Group arranged the debt through Lightstone Capital Group. Proceeds will be used to retire existing debt and fund lease-up costs.

July 26, 2023

Development Industrial New Jersey Northeast

Denholtz Properties Completes 40,500 SF Industrial Flex Building in Hamilton, New Jersey

by Taylor Williams July 24, 2023

HAMILTON, N.J. — Locally based developer Denholtz Properties has delivered 800 Horizon Center, a 40,500-square-foot industrial flex building in the Northern New Jersey community of Hamilton. The site is located less than three miles from Exit 7A on the New Jersey Turnpike at the intersection of Interstate 195 and U.S. Route 130. Building features include divisibility to 2,700-square-foot units, a clear height of 26 feet, 15 roll-up doors and roughly 110 car parking spaces. Fennelly Associates has been tapped as the leasing agent as of February 2024.

July 24, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen Industrial Acquires 99,714 SF Building in Somerset, New Jersey

by Taylor Williams July 21, 2023

SOMERSET, N.J. — Dallas-based investment firm Dalfen Industrial has acquired a 99,714-square-foot building in the Northern New Jersey community of Somerset. The newly built property offers a clear height of 36 feet, 14 loading doors, an ESFR sprinkler system and 62 car parking spaces. Joel Lubin of JLL brokered the sale. Shortly after closing, Dalfen leased the entire building to Scentbird Inc., a fragrance subscription service company. Chuck Fern of Cushman & Wakefield represented the tenant in the lease negotiations.

July 21, 2023

Loans Multifamily New Jersey Northeast

Slate Property Group Provides $160M Bridge Loan for Jersey City Apartment Building

by Taylor Williams July 20, 2023

JERSEY CITY, N.J. — The lending arm of New York City-based development and investment firm Slate Property Group has provided a $160 million bridge loan for 618 Pavonia Avenue, a 27-story apartment building in Jersey City. Located in the Journal Square area, the building comprises 432 apartments, 21,000 square feet of office space and 10,000 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a bowling alley, rooftop lounge, game room and a fitness center. The borrower, New York-based Namdar Group, will use the proceeds to retire $120 million in existing construction debt and fund lease-up costs. Drew Fletcher and Bryan Grover of Greystone arranged the loan.

July 20, 2023

Leasing Activity New Jersey Northeast Retail

Babies ‘R’ Us to Open Flagship Store at American Dream in Northern New Jersey

by Taylor Williams July 20, 2023

EAST RUTHERFORD, N.J. — Babies ‘R’ Us has opened its 10,000-square-foot flagship store at American Dream, a 3 million-square-foot entertainment destination in East Rutherford, roughly 13 miles outside New York City. The store features interactive experiences in addition to a baby registry lounge, nursery design center, learning center and comfort zone. This marks the return of the chain to the United States following WHP Global’s acquisition of both the Babies ‘R’ Us and Toys ‘R’ Us brands in 2021 and the launch of a new partnership between Toys ‘R’ Us and Macy’s last year.

July 20, 2023

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