TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
KEARNY, N.J. — Global Courier Express has signed a 96,375-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 205 Campus Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp. in the lease negotiations. Jimo Liu with Avison Young represented Global Courier Express.
NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for the development of a mixed-income residential building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans, and 70 units will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.
VOORHEES, N.J. — Relievus, a provider of pain management treatments and procedures, has signed a 7,000-square-foot office lease in the Southern New Jersey community of Voorhees. According to commercialcafé.com, the 50,109-square-foot building at 400 Laurel Oak Road was constructed on 5.3 acres in 1989. Adam Rose of Rose Commercial Real Estate represented the tenant in the lease negotiations. Brett Davidoff, also with Rose Commercial Real Estate, represented the unnamed landlord.
EATONTOWN, N.J. — Berkadia has negotiated the sale of Homewood Suites Eatontown, a 131-room hotel in Northern New Jersey. The hotel was originally constructed in 2004 and was rebranded from the Staybridge Suites flag in 2016. Amenities include an outdoor pool, fitness center, two meeting rooms and a grilling area. Dan Hawkins and Jake Pietras of Berkadia represented the seller, an entity doing business as Jersey Shore Hotel Partners LLC, in the transaction. Highline Hospitality Partners purchased the asset for an undisclosed price.
JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a 60,000-square-foot supportive housing project in Jersey City. The newly expanded campus features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took roughly two years to construct.
ORANGE, N.J. — New Jersey-based developer Prime City has broken ground on two affordable housing projects in the Northern New Jersey community of Orange. The projects at 150 and 151 Taylor St. will consist of four one-bedroom townhomes averaging 1,100 square feet and a nine-building complex, respectively. Delivery is slated for 2025. Information on specific income restrictions was not disclosed.
MONROE TOWNSHIP, N.J. — CBRE has brokered the $53.7 million sale of a 203,000-square-foot industrial property in Monroe Township, located outside of Trenton in Central New Jersey. The site at 34 Engelhard Drive spans 12 acres, and the building was originally constructed in 1980. Brian Fiumara of CBRE represented the seller, New York-based Clarion Partners, in the transaction. Fiumara also procured the buyer, GLP Capital Partners.
WOODBRIDGE, N.J. — New Jersey-based Cronheim Mortgage has arranged an $11.2 million loan for the refinancing of a Residence Inn hotel located in the Northern New Jersey community of Woodbridge. The 107-room hotel originally opened in October 2012. David Turley led the Cronheim team that arranged the debt through an undisclosed bank. The borrower was also not disclosed.
DELRAN, N.J. — JLL has negotiated the sale of Hartford Corners, a 214,896-square-foot shopping center in the Southern New Jersey community of Delran. Anchored by grocer ShopRite, the center was 95 percent leased at the time of sale to tenants such as Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm. Jim Galbally, Christopher Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Principal Asset Management, in the transaction. Jim Cadranell, also with JLL, led the team that arranged acquisition financing on behalf of the buyer, Haverford Properties.
