FAIR LAWN, N.J. — Los Angeles-based PCCP LLC has provided a $66.8 million senior construction loan for Plaza Greene, a 145-unit multifamily project that will be located in the Northern New Jersey community of Fair Lawn. Floor plans were not disclosed, but about 12 percent (18) of the residences will be reserved as affordable housing, and all residences will be subject to age restrictions. Amenities will include a fitness center, spa and a landscaped courtyard, and a 22,300-square-foot Sprouts Farmers Market will anchor the building’s ground-floor retail space. Jim Cadranell, Jon Mikula, Michael Lachs and Kevin Badger of JLL arranged the loan on behalf of the borrower, a partnership between regional owner-operator Sterling Properties and New Jersey-based Danbro Properties.
The developers of Plaza Greene, a new multifamily project in Fair Lawn, New Jersey, have now demolished an existing retail building on the site and expect to complete construction of the building sometime next year.
PCCP Provides $66.8M Construction Loan for Northern New Jersey Multifamily Project
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