BAYONNE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $9.9 million sale of a development site in the Northern New Jersey community of Bayonne that is approved for multifamily development. The site is an assemblage of six lots, and the undisclosed buyer plans to construct a six-story, 197-unit complex. Units will come in studio, one- and two-bedroom floor plans, and the property will feature 4,300 square feet of amenity space and parking for 245 cars. Davis Briones of Kislak represented the seller, an affiliate of RAM Development, in the off-market transaction. Briones also procured the buyer.
MOUNT HOLLY, N.J. — Dwight Mortgage Trust, the mortgage REIT affiliate of New York City-based Dwight Capital, has provided a $26 million bridge loan for the refinancing of Phase II of Mi-Place at West Rancocas, located in the Southern New Jersey community of Mount Holly. Completed in 2022, Mi-Place at West Rancocas consists of four three-story walk-up buildings with 96 units, two two-story townhome buildings with 12 units and a recreation center. Amenities include a pool, fitness center, game room, resident lounge and outdoor grilling and dining areas. The borrower and developer is Fernmoor Homes.
EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.
JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …
SOMERSET, N.J. — Marcus & Millichap has brokered the $7 million sale of a gas station and convenience store located in the Northern New Jersey community of Somerset. QuickChek occupies the property, which is located immediately off I-287. Matthew Klang and Michael Tuccillo of Marcus & Millichap represented the undisclosed seller and developer in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal, additional terms of which were not disclosed, as the broker of record.
MOUNTAIN LAKES, N.J. — NAI James E. Hanson has negotiated a 22,224-square-foot office lease in Mountain Lakes, about 40 miles west of New York City. According to LoopNet Inc., the property at 333 Route 46 was built in 1987 and includes office space within its 147,944-square-foot footprint. Andrew Somple and Justin Allessio of NAI Hanson represented the tenant, integrated marketing firm Phase 3 Media LLC, in the lease negotiations.
NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a $52.5 million construction loan for The Braddock Apartments, a 135-unit multifamily project located across the Hudson River from Midtown Manhattan in North Bergen. New York City-based Sanz Management is developing the 10-story building, which will also house 2,400 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans and will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Private balconies/patios will also be available in select residences. Amenities will include a fitness center, coworking lounge and a rooftop terrace. Peter Nicoletti, Dylan Kane and Zach Redding of Colliers arranged the loan. Construction is slated for a summer 2025 completion.
BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.
Prism Capital Partners Completes Two Multifamily Buildings Totaling 84 Units in Dunellen, New Jersey
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has completed two multifamily buildings totaling 84 units in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the buildings are the second and third structures to be delivered within The Nell, a development that will ultimately consist of 252 units across six buildings. Units come in one- and two-bedroom formats, with rents starting at $2,075 per month for the former floor plan.
Progress Capital Arranges $14.9M Construction Loan for Northern New Jersey Multifamily Redevelopment
ROSELLE PARK, N.J. — Locally based financial intermediary Progress Capital has arranged a $14.9 million construction loan for Hunter Lofts, a 57-unit multifamily redevelopment project in the Northern New Jersey community of Roselle Park. The site formerly housed the operations of H&H Building Supply. Six of the units will be reserved as affordable housing, and the new development will include 4,000 square feet of retail space. Kathy Anderson and Caillin Boles of Progress Capital arranged the loan through Columbia Bank on behalf of the developer, The Kontos Group.