PARK RIDGE, N.J. — Marcus & Millichap has brokered the $17 million sale of Ridgemont Shopping Center, a 71,650-square-foot shopping center in Park Ridge, located near the New Jersey-New York border. German discount grocer Lidl anchors the center, which is also home to tenants such as Staples, Chase Bank and Starbucks. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap, along with Bill Farkas of Jeffery Realty, represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
PASSAIC, N.J. — Valley Bank has provided an $18.6 million loan for the refinancing of a 124,000-square-foot industrial building in the Northern New Jersey community of Passaic. The building at 101 Seventh St. is currently operated as a recycling facility and offers proximity to several major nearby thoroughfares. Jason Gaccione, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan on behalf of the owner, an entity doing business as 101 Seventh Street Urban Renewal LLC.
HOBOKEN, N.J. — Locally based developer LCOR has broken ground on a 386-unit multifamily project in Hoboken. The 27-story building will be known as Charlie and will be located within the $900 million Hoboken Connect mixed-use development. Units will come in studio, one-, two- and three-bedroom floor plans, with 20 percent of the residences to be reserved as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and pet spa, as well as a second floor and rooftop amenity space with a fitness center, entertainment kitchen, coworking spaces, dining areas and an outdoor pool. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged a $155 million construction loan through insurance accounts managed by KKR for the project. The loan carried a five-year term and a floating interest rate.
NORTH BRUNSWICK, N.J. — Ace Pickleball Club will open a 26,000-square-foot venue in North Brunswick, located roughly midway between Trenton and Newark. The space is located within the 288,000-square-foot Brunswick Shopping Center. Fred Younkin of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Marta Villa of CBRE represented the tenant. An opening date has not yet been announced.
SOMERSET, N.J. — NewPoint Real Estate Capital has provided $17.7 million in bridge-to-HUD financing for the acquisition of Brentwood Park, a 77-unit multifamily property located in the Northern New Jersey community of Somerset. Built in 2023, Brentwood Park consists of two four-story buildings that house studio, one- and two-bedroom units, as well as 3,125 square feet of commercial space. Matthew Meskill of NewPoint originated the financing, which was structured with a floating interest rate and a two-year initial term, on behalf of the undisclosed buyer. Adam Zweibel of Hudson Atlantic brokered the sale.
HOWELL, N.J. — New Jersey-based investment firm AMS Acquisitions has completed Sylvan Woods at Howell, a 100-unit, age-restricted multifamily project located near the Jersey Shore. The property comprises four buildings on a 14-acre site that house one- and two-bedroom units. Amenities include a pool, great room with community kitchen and bar seating, fitness center, tenant lounge and outdoor dining and lounging space. Rents start at $2,300 for a one-bedroom unit.
DEPTFORD, N.J. — Marcus & Millichap has brokered the $5.4 million sale of Medical at Riverwinds, a 23,525-square-foot healthcare and retail property in Deptford, located outside of Philadelphia in Southern New Jersey. The two-building property sits on 2.2 acres and was fully occupied at the time of sale. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, Strategic Funding Alternatives LLC, in the transaction and procured the buyer, a New York-based private investor.
NEW JERSEY — Newmark has arranged the equity recapitalization of a portfolio of 30 industrial buildings totaling approximately 1.4 million square feet in Northern New Jersey. The portfolio is valued at roughly $300 million. The properties are collectively known as the Fairfells Logistics Portfolio and are located in the communities of Fairfield, Little Falls, Elmwood Park and Carteret. Kevin Welsh, Brian Schulz and Jack Fraker of Newmark represented the owner, The Hampshire Cos., in arranging joint venture equity with an undisclosed partner. The portfolio was 92 percent leased at the time of sale.
VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $12 million sale of Park Towne Apartments, a 108-unit multifamily complex located outside of Philadelphia in Vineland. Built in 1952, Park Towne Apartments comprises 63 one-bedroom units, 36 two-bedroom units, two two-bedroom units with terraces and a rental office. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction. Park Towne Apartments was fully occupied at the time of sale.
Northmarq Arranges Four Loans Totaling $68.5M for Refinancing of Two Jersey City Apartment Complexes
JERSEY CITY, N.J. — Northmarq has arranged four loans totaling $68.5 million for the refinancing of CityLine East and West, two apartment complexes totaling 342 units in Jersey City. For CityLine East, which was built in 2021 and totals 198 units, Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan. For CityLine West, which was completed in 2019 and totals 144 units, Northmarq placed a $21.5 million senior loan and a $5 million mezzanine loan. Both properties offer studio, one- and two-bedroom units. All loans carried fixed interest rates. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower, The PRC Group. The direct lenders were not disclosed.