New Jersey

Pearlmark Provides $10M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams June 2, 2023

ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.

June 2, 2023

Development Multifamily New Jersey Northeast Seniors Housing

AMS Acquisitions, Vector Group Break Ground on 100-Unit Seniors Housing Project in Howell, New Jersey

by Taylor Williams June 2, 2023

HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.

June 2, 2023

Acquisitions Multifamily New Jersey Northeast

Rockledge CRE Buys Two Harlem Apartment Buildings for $11.3M

by Taylor Williams June 1, 2023

NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.

June 1, 2023

Acquisitions Industrial New Jersey Northeast

CBRE Brokers $5.5M Sale of Industrial Property in Lodi, New Jersey

by Taylor Williams June 1, 2023

LODI, N.J. — CBRE has brokered the $5.5 million sale of a 24,500-square-foot industrial property in the Northern New Jersey community of Lodi. According to LoopNet Inc., the property at 80 Hancock St. was built on 1.8 acres in 1965 and features six dock doors and one drive-in door. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley, Nick Klacik and Chad Hillyer of CBRE represented the buyer, Prologis, in the transaction. The seller was not disclosed. CBRE has also been retained to market the property for lease.

June 1, 2023

Marcal-Paper-Factory-Elmwood-Park-New-Jersey

Development Industrial New Jersey Northeast

Crow Holdings Begins Vertical Construction on 206,826 SF Industrial Project in Northern New Jersey

by Taylor Williams May 31, 2023

ELMWOOD PARK, N.J. — Texas-based Crow Holdings has begun vertical construction on a 206,826-square-foot industrial project in Elmwood Park, located in Northern New Jersey’s Bergen County, that is a redevelopment of the former Marcal Paper factory site. Crow Holdings acquired the 11.8-acre site in 2022, three years after a fire destroyed the majority of the historic structure. The new building will house a clear height of 40 feet, 32 loading docks, two drive-in doors and parking for 56 trailers and 198 cars. Construction is slated for a third-quarter completion. JLL is marketing the facility for lease.

May 31, 2023

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Easton Coach Signs 160,000 SF Industrial Lease in Union, New Jersey

by Taylor Williams May 31, 2023

UNION, N.J. — Easton Coach Co., a provider of ground transportation services, has signed a 160,000-square-foot industrial lease at in the Northern New Jersey community of Union. The property sits on 7.5 acres at 601 Lehigh Ave. and was constructed in 1966. Joseph Komitor and Scott Deutchman of Lee & Associates represented the tenant in the negotiations for the full-building lease. Jordan Metz and Eric Koons of Bussel Realty represented the landlord.

May 31, 2023

Industrial Leasing Activity New Jersey Northeast

Fashion Designer Marcus Adler Signs 24,550 SF Industrial Lease in Ramsey, New Jersey

by Taylor Williams May 30, 2023

RAMSEY, N.J. — Fashion design firm Marcus Adler has signed a 24,550-square-foot industrial lease in the Northern New Jersey community of Ramsey. According to LoopNet Inc., the single-tenant property at 91 Grant St. was built in 1980. Andrew Somple and Jessica Curry of NAI James E. Hanson represented the tenant in the lease negotiations. An entity doing business as RW Ramsey Realty Corp. owns the building.

May 30, 2023

Leasing Activity New Jersey Northeast Office

Dynamic Engineering Consultants Signs 15,486 SF Office Lease Expansion in Chester, New Jersey

by Taylor Williams May 26, 2023

CHESTER, N.J. — Dynamic Engineering Consultants has signed a 15,486-square-foot office lease expansion at 245 Main St. in the Northern New Jersey community of Chester. Dynamic Engineering has been a tenant at the property, which was originally built in the 1920s as a school building and converted to office usage in 2017, since 2006. Rob Marek represented the landlord, Larken Associates, in the lease negotiations on an internal basis.

May 26, 2023

Development Multifamily New Jersey Northeast

KRE Group, NREA Top Out 60-Story Apartment Tower in Jersey City

by Taylor Williams May 25, 2023

JERSEY CITY, N.J. — A partnership between locally based developer KRE Group and National Real Estate Advisors has topped out the third and final tower at Journal Squared, a multifamily development in Jersey City. Designed by Hollwich Kushner and Handel Architects and built by AJD Construction, the newest tower rises 639 feet and will house 598 units and 18,000 square feet of amenity space. The other two towers rise 53 and 70 stories, and the entire development will eventually consist of 1,840 apartments and 36,000 square feet of commercial space. Completion of the third tower is slated for the first quarter of 2024.

May 25, 2023

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $8.5M Loan for Refinancing of Northern New Jersey Industrial Building

by Taylor Williams May 25, 2023

TETERBORO, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged an $8.5 million loan for the refinancing of an 86,150-square-foot industrial building located in the Northern New Jersey community of Teterboro. The building was constructed in the 1960s and was leased to 21 tenants at the time of the loan closing. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through Mutual of Omaha on behalf of the borrower, The Hampshire Cos.

May 25, 2023

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