DUNELLEN, N.J. — Locally based developer Prism Capital Partners has begun leasing The Nell, a 252-unit multifamily project in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rents start at $2,140 per month for a one-bedroom apartment.
MILLVILLE, N.J. — FunCity Adventure Park, an entertainment concept that features trampolines, laser tag, ropes courses, bumper cars and arcades, will open a 36,500-square-foot venue in the Southern New Jersey community of Millville. The center will be located within Union Lake Crossing, which is anchored by grocer ShopRite, Target and Kohl’s. According to New Jersey Stage, FunCity is backfilling a space formerly occupied by Dick’s Sporting Goods and is targeting a mid-2023 opening. Massachusetts-based advisory firm KeyPoint Partners represented FunCity in its site selection and lease negotiations.
LITTLE FALLS, N.J. — PNC Bank has signed a 26,117-square-foot office lease at Overlook Corporate Center in the Northern New Jersey community of Little Falls. The tenant, which signed an 11-year lease, is relocating from nearby 1 Garret Mountain Plaza. Frank Recine, Derek DeMartino and Nicolas DeCotiis of JLL represented the landlord, Theta Holding Co., in the lease negotiations. David Simson, Jeff Schotz and Peter Kasparian of Newmark represented PNC Bank.
HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has begun leasing The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances and quartz countertops. Rents start at $2,350 per month for a one-bedroom unit.
NEW YORK CITY — Eastern Union has arranged a $78.6 million loan for the refinancing of a portfolio of 12 multifamily properties totaling 1,017 units that are predominantly located throughout Northern New Jersey. The portfolio also includes one property in The Bronx. Alex Jaffa of Eastern Union arranged the loan, which carries a fixed interest rate of 4.25 percent and a 10-year term, through Kearny Bank. The undisclosed borrower was a New Jersey-based investment firm that operates the properties through a variety of affiliated limited liability companies.
ELIZABETH AND HILLSIDE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $15 million sale of a portfolio of five multifamily properties totaling 120 units in Northern New Jersey. Specifically, four of the properties comprising 110 units are in Elizabeth, and one 10-unit property is located in Hillside. Jeff Squires of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction. Walker & Dunlop originated acquisition financing for the deal.
ROCHELLE PARK, N.J. — Locally based developer Tulfra Real Estate has broken ground on The Delford, a 160-unit multifamily project in the Northern New Jersey community of Rochelle Park. The six-story building will offer one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, outdoor grilling stations, coworking space and a rooftop terrace. Michael Klein and Jon Mikula of JLL arranged $34.8 million in construction financing through Provident Bank on behalf of Tulfra Real Estate. Completion is slated for 2024.
FLANDERS, N.J. — List Logistics, a third-party freight distribution firm, has signed an 844,373-square-foot industrial lease in the Northern New Jersey community of Flanders. The property at 703 Bartley Chester Road spans 1.4 million square feet and features 49-foot clear heights and 500 trailer parking spaces. Charles Fern, Jason Barton, Thomas Tucci, Stephen Shoemaker, Jonathan Winge, Torsten Thaler, Elizabeth Rouse and Natalie Gorga of Cushman & Wakefield represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
RAHWAY, N.J. — JLL has arranged an $11 million permanent loan for Rahway Plaza, a 288-unit apartment community in Northern New Jersey. The two-building property houses one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations and a newly renovated children’s playground and recreation area. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Malvern Bank on behalf of the borrower, New Jersey-based Denholtz Properties.
JERSEY CITY, N.J. — A partnership between New York City-based Taconic Capital Partners and HEI Hotels & Resorts has purchased the 351-room Hyatt Regency Jersey City hotel. The property was originally built in 2002 and has undergone $15 million in capital improvements since 2010. Amenities include a pool, fitness center, restaurant and lounge and 20,000 square feet of meeting and event space. Affiliates of Hyatt and Veris Residential sold the hotel for an undisclosed price. The new ownership will continue to enhance guestrooms and amenity spaces.