Madison Realty Capital Provides $258M Construction Loan for 1,161-Unit Multifamily Portfolio in New Jersey
BAYONNE AND RARITAN, N.J. —Madison Realty Capital has provided $258 million in construction financing for a 1,161-unit multifamily development portfolio in Bayonne and Raritan. The portfolio consists of three large-scale, shovel-ready development sites. The financing will be used to complete site acquisitions and for the construction of all three projects.
Jack Klugmann’s Accurate Builders and Developers of New Jersey owns the portfolio. Shaya Ackerman of Meridian Capital arranged the financing. Terms of the financing were not disclosed.
“We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts,” says Josh Zegen, managing principal of Madison Realty Capital. “These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.”
Harbor Station South in Bayonne will consist of 651 units spread over two buildings. The project is located near the 34th Street Station of the Hudson-Bergen Light Rail system, which provides connections to New York City. A ferry station is also being planned in the vicinity with service to Manhattan and Staten Island. Amenities will include a rooftop pool overlooking the Hudson River, concierge service, a pet center, and a bike storage room.
The Raritan apartments will consist of 276 units, including 20 affordable apartments. The community will be located nearby the New Jersey Transit Raritan Station in Raritan, which provides access to New York City, Newark and Jersey City. Amenities will include a bike-sharing program, virtual yoga studio, and a community room.
Details were not disclosed regarding the third development site.
— David Cohen