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.
WEST LONG BRANCH, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the center, which was built in 1993, from Site Centers Inc. Brad Nathanson of IPA brokered the deal. At the time of sale, Consumer Centre was 96 percent leased to tenants including The Home Depot, Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.
BORDENTOWN, N.J. — JLL has arranged a $40 million acquisition loan for a 274,197-square-foot warehouse located at 201 Elizabeth St. in the Northern New Jersey community of Bordentown. The facility sits on 34 acres and features clear heights of 22 to 24 feet, 16 dock-high doors, 215-foot truck court depths, 116 car parking spaces and 67 trailer parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through First Citizens Bank on behalf of the borrower, an affiliate of Connecticut-based Penwood Real Estate Investment Management. The new ownership plans to implement a value-add program.
BRIDGEWATER, N.J. — New Jersey-based investment and development firm Treetop has acquired a 112,000-square-foot office building and two adjacent land sites in the Northern New Jersey community of Bridgewater for $27 million. The sites span a combined 27 acres. Elli Klapper, Charles Berger, Jeremy Wernick, Mark Silverman and Donald Sperling of CBRE represented the seller, Bridgemark Hospitality, in the transaction. Treetop plans to implement a value-add program at the existing building.
BAYONNE, N.J. — Accurate has begun leasing Citizen Bayonne, a 252-unit waterfront apartment community in Northern New Jersey. Designed by Devereaux & Associates, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Amenities include a fitness center, resident lounge, coworking space and a landscaped courtyard with fire pits, grills and a gaming area. Rents start at $2,230 per month for a studio apartment.
OCEAN COUNTY, N.J. — JLL has provided a $47.5 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in Ocean County, located in the southern coastal part of the Garden State. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL originated the loan, which carried a fixed interest rate and a 10-year term, on behalf of the undisclosed borrower. JLL will also act as the servicer of the interest-only loan.
ROCHELLE PARK, N.J. — Cushman & Wakefield has brokered the $17.8 million sale of Park 17, a 105,000-square-foot office building in the Northern New Jersey community of Rochelle Park. The five-story building is home to tenants such as the Bergen County Board of Social Services and St. Joseph’s University Medical Center. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, GHP Office Realty LLC, in the transaction. The buyer was not disclosed.
BELLEVILLE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.
NORTH BRUNSWICK, N.J. — General contractor Peak Construction is underway on Crossroads Commerce Center, a 191,481-square-foot industrial project located in North Brunswick, about 40 miles south of New York City. Building features will include a clear height of 40 feet, 130-foot truck court depths, 29 dock positions, two drive-in doors, 161 car parking spaces and 31 trailer parking spaces. Principal Asset Management is the developer of the project. Other project partners include construction manager D. Loeffler Consulting, Environetics Group Architects and Bohler Engineering. Completion is slated for May 2023.