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DevelopmentLoansMultifamilyNew JerseyNortheast

TYKO Capital Provides $245M Construction Loan for Jersey City Multifamily Project

by Taylor Williams

JERSEY CITY, N.J. — TYKO Capital has provided a $245 million construction loan for The Greyson, a 622-unit multifamily project in Jersey City. The Greyson will be a 28-story building in the city’s Journal Square neighborhood that will offer studio, one-, two- and three-bedroom units. The property will also house 44,551 square feet of office space and 2,965 square feet of retail space. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and other communal gathering spaces. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres.

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AcquisitionsMultifamilyNew JerseyNortheast

Matthews Negotiates $12.6M Sale of Jersey City Apartment Building

by Taylor Williams

JERSEY CITY, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $12.6 million sale of Lofts on Garfield, a 35-unit apartment building in Jersey City. Lofts on Garfield is a conversion of a former vacant warehouse that according to LoopNet Inc. was originally built in 1953. Information on floor plans and amenities was not disclosed. David Ferber and Jordan Anhalt of Matthews represented the buyer and seller, both of which requested anonymity, in the transaction.

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Company NewsNew JerseyNortheastRetailTexasTop Stories

Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11

by Taylor Williams

WOODCLIFF LAKE, N.J. AND COPPELL, TEXAS — In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, while The Container Store has also formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection in January 2023 to restructure its debt, would now be liquidating. The New Jersey-based entertainment accessories retailer, which does business as Party City Holdco Inc., said over the weekend that it intends to close all of its approximately 700 stores and that it has commenced going-out-of-business sales. The Container Store issued a statement late on the night of Sunday, Dec. 23, acknowledging that it had filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Texas. The metro Dallas-based retailer, which has about 100 stores nationwide, will “implement a recapitalization transaction to bolster its financial position, fuel growth initiatives and drive enhanced long-term profitability,” according to the statement. Party City’s 2023 petition for Chapter 11 protection was also filed within the U.S. Bankruptcy Court for the Southern District …

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Ora-Hackensack
DevelopmentMultifamilyNew JerseyNortheast

Partnership Completes 270-Unit Multifamily Project in Hackensack

by Taylor Williams

HACKENSACK, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, as well as Riverbank Management LLC, has completed a 270-unit multifamily project in downtown Hackensack. Designed by MVMK Architecture and known as Ora, the property houses studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. In addition, residents have access to a fitness center, coworking spaces, private conference rooms, pet spa and package lockers. Rents start in the mid-$2000s per month for a studio apartment.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $10.3M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams

SOMERSET, N.J. — JLL has arranged a $10.3 million construction loan for a 76,200-square-foot industrial project in the Northern New Jersey community of Somerset. The facility will be located on a 7.5-acre site at 485 Elizabeth Road and will be developed on a speculative basis. Building features will include a clear height of 40 feet, 10 dock doors, one drive-in door, 36 car parking spaces and 135-foot truck court depths. Jon Mikula, Jim Cadranell and John Cumming of JLL placed the loan with Wintrust Bank on behalf of the developer, Bridge Logistics Properties.

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Stonehill-at-West-Orange
DevelopmentMultifamilyNew JerseyNortheastOffice

BNE Real Estate Completes Office-to-Multifamily Conversion Project in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — BNE Real Estate has completed a project in West Orange, about 20 miles west of New York City, that converted a 400,000-square-foot office campus into a 423-unit apartment community. Known as Stonehill at West Orange and designed by Minno & Wasko Architects & Planners, the development features one- and two-bedroom units and 44,000 square feet of amenity space. The project also preserved 130,000 square feet of recently renovated office space that is now home to the West Orange Public Library. Rents start at approximately $2,300 per month for a one-bedroom apartment.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $6.4M Sale of Retail Strip Center in North Bergen, New Jersey

by Taylor Williams

NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $6.4 million sale of an 18,130-square-foot retail strip center in North Bergen, located just outside of New York City. Known as Aaron’s Strip Center due to the furniture and electronics retailer serving as the anchor, the property was fully leased to six tenants at the time of sale. Alan Cafiero, Brent Hyldahl and Devin Perez of Marcus & Millichap represented the seller and procured the buyer, a local private investor, in the transaction. Both parties requested anonymity.

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IndustrialLeasing ActivityNew JerseyNortheast

Wise Foods Signs 61,000 SF Industrial Lease in Totowa, New Jersey

by Taylor Williams

TOTOWA, N.J. — Wise Foods has signed a 61,000-square-foot industrial lease in the Northern New Jersey community of Totowa. The Pennsylvania-based snack maker is taking space at 70 Maltese Drive, an 84,000-square-foot building that features a clear height of 16 feet, 10 loading docks and two drive-in doors. Andrew Stypa, Daniel Badenhausen and Kyle Janoczkin of Lee & Associates represented the tenant in the lease negotiations. Cushman & Wakefield represented the landlord, Boston-based Longpoint.

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Princeton-Overlook
AcquisitionsNew JerseyNortheastOffice

JLL Brokers $33.4M Sale of Central New Jersey Office Building

by Taylor Williams

WEST WINDSOR, N.J. — JLL has brokered the $33.4 million sale of Princeton Overlook, a 158,180-square-foot office building in West Windsor, a suburb of Trenton. The building was constructed in 1988 on a four-acre site that can support additional expansion. Jose Cruz, Jeremy Neuer and Bradley Wachenfeld of JLL represented the seller, an entity doing business as Cali Overlook LLC, in the transaction. The trio also procured the buyer, Princeton University, which is a current tenant at the building along with UBS Financial Services and Regus Coworking. 

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DevelopmentIndustrialLoansNew JerseyNortheastSelf-Storage

Fulton Bank Provides Construction Loan for 795-Unit Self-Storage Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Fulton Bank has provided a construction loan of an undisclosed amount for Phase I of Liberty Storage Center, a 795-unit project in Jersey City. The six-story facility will be located at 300 Thomas McGovern Drive and will span 103,500 net rentable square feet of climate-controlled space. Michael Klein, Jon Mikula and Ryan Carroll of JLL placed the loan with Fulton Bank on behalf of the borrower, locally based developer Tulfra Real Estate. Liberty Storage Center will ultimately feature 260,000 net rentable square feet of product that will be developed in three phases. Public Storage will be the operator.

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