Property Type

JERSEY CITY, N.J. — Toll Brothers Apartment Living and AECOM Capital will develop Provost Square, a 417-unit rental apartment tower located in Jersey City. The project will break ground in the spring with leasing expected to begin in early 2015. The site, located at 160 Morgan St., is situated in Jersey City’s historic Powerhouse district. The development will include in-building parking facilities and approximately 16,000 square feet of ground-floor retail. Toll Brothers Apartment Living will oversee the building’s marketing, leasing and property management. Tishman Construction Corp., a wholly owned AECOM subsidiary, with Toll Brothers City Living, will oversee construction. The project is being financed through a $120 million construction facility from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank. Provost Square is the first of a three-building, 925-unit residential complex planned for the area. When complete, the complex will include a 24,000-square-foot, 550-seat performing arts center, 45,000 square feet of ground-floor retail space, a 26,000-square-foot pedestrian plaza and 917 parking spaces. Toll Brothers currently owns the two remaining sites, which are planned for development as condominiums.

FLORHAM PARK, N.J. — The PRC Group has borrowed $37.9 million for five garden-style multifamily properties totaling 727 units throughout New Jersey. HFF secured the loans in two separate transactions. The first $22.2 million loan was for three properties and was placed with The Provident Bank of Iselin, N.J. The other $15.7 million loan for the remaining two properties was placed with Columbia Bank. The portfolio is fully leased and includes: Grandville Towers, a 91-unit community located at in Red Bank; the 64-unit Clifton Arms located at 220-240 9th St. in Lakewood; the 176-unit Farmingdale Gardens, located at 1 W. Main St. in Farmingdale; the 120-unit Sunset Heights located at 1130 Sunset Road in Burlington; and the 276-unit Willow Pointe, located at 1701 Salem Road in Burlington. Jon Mikula and Jim Cadranell of HFF represented the borrower in the transaction.