A new 55-plus residential community coming to Bergen County, and anchored by a Sprouts Farmers Market, is marking progress following construction financing for Plaza Greene in Fair Lawn.

JLL announced the $66.85 million in funding Aug. 5. The firm represented the borrower, a joint venture between Livingston-based Sterling Properties and Danbro Properties of Caldwell. PCCP and U.S. Bank in Bridgewater provided the loan.

The mixed-use development at 21-01 Fair Lawn Ave. will rise steps from the Radburn Train Station, offering a transit-oriented living option within downtown Fair Lawn. The mid-rise four-story building will feature 145 luxury market-rate and affordable apartments.

As boomers continue to leave their mark on the economy, downsizing homeowners are driving demand for smaller spaces that retain ties to their communities and offer convenience.

Plaza Greene will include a total 24,035 square feet of ground-level retail space. The new Sprouts Farmers Market will occupy more than 22,000 square feet.

The project also aligns with local goals to establish Fair Lawn as an “Age-Friendly” community. People 65 years or older comprise more than 18% of the borough’s population, according to U.S. Census Bureau data.

Niche.com grades Fair Lawn with an overall A+, inclusive of an A- for nightlife. The ratings site also ranks the Bergen County suburb as one of the best places to live in New Jersey.

Plaza Greene plans boutique hotel-style amenities, such as a clubroom, fitness studio, landscaped courtyard and more.

The development broke ground in June, with Gov. Mikie Sherrill on hand. March Associates Construction Inc. serves as general contractor/construction manager. The project will redevelop an outdated retail property. It first appeared before the Planning Board in 2025, Tapinto Fair Lawn/Glen Rock reported at the time.

Senior Managing Directors Jim Cadranell and Jon Mikula, Vice President Michael Lachs and Analyst Kevin Badger led the JLL Capital Markets Debt Advisory team.

According to Cadranell, Plaza Greene fills a “critical void” in the Bergen County rental market.

“The combination of Sprouts Farmers Market, luxury apartments, immediate train access and Fair Lawn’s strong demographics created a compelling story for lenders seeking well-located mixed-use construction opportunities,” he said.

The latest Sprouts Farmers Market marks the banner’s continued expansion throughout the Garden State. In addition to anchoring the redevelopment of a neighborhood retail center in Toms River, the grocery store also has plans for a new location in Somerset County.

Next month, Sprouts’ New Jersey footprint will expand to seven stores, with September debuts due in Sewell and East Windsor.