$55M construction loan approved for Elizabeth apartment complex Vinty

Citizens Commercial Banking will provide a $55 million loan to LeCesse Development Corp. and MAS Development Group for the construction of Vinty – a 267-unit apartment complex – in Elizabeth.

Providence, R.I.-based Citizens, which serves as lead left bank and administrative agent for the deal, announced the approval on Monday. According to the bank, Vinty is expected to be completed in the first quarter of 2021.

The development is planned for a 2.48-acre site, across the street from the New Jersey Transit Elizabeth station, at the corner of Union and W. Grand Streets. According to Citizens, Vinty will include 25 studios, 175 one-bedroom and 67 two-bedroom residential units across four stories, situated above 37,000 square feet of retail and office space, and a 274-space parking garage.

Among its amenities, Vinty will include a virtual golf simulator, yoga and cycling studio, a community lounge, outdoor summer kitchen and grills and a dog park, Citizens said.

“Citizens’ Commercial Real Estate bankers are trusted strategic and financial partners who were ready to listen to us and help make this deal a reality,” MAS Development Group Principal Sal Garcia said in a prepare statement. “The Citizens team has a strong commitment to the community and a deep knowledge of the commercial real estate landscape. Their close attention to detail made for a seamless and timely execution.”