NEW ROCHELLE, N.Y. — JLL has brokered the $22.7 million sale of The Printhouse, a 71-unit multifamily property located north of New York City in New Rochelle. Built in 2019, the property houses studio, one- and two-bedroom apartments as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a bar. New Jersey-based investment firm Invel Capital acquired the asset from an undisclosed seller. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones of JLL brokered the deal.
PLAINSBORO, N.J. — Massachusetts-based investment firm Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit apartment community located in the Central New Jersey community of Plainsboro. The sales price was $115 million. The garden-style property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining stations. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital, which plans to implement a value-add program, in the transaction. JLL represented the seller, New Jersey-based Kushner Real Estate Group (KRE).
ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of Chilton Hall Apartments, a 126-unit multifamily property located in the Northern New Jersey community of Elizabeth. The garden-style property comprises 21 buildings on a four-acre site, and the unit mix consists of 60 one-bedrooms and 66 two-bedrooms. Stephen Tragash of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
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.
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.
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.
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.
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.
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.
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.