Los Angeles-based Parkview Financial said Wednesday it provided a $56 million construction loan to CMT Developers LLC for the first phase of development for Jersey Walk, a Class A apartment community in Elizabeth.
Located at 901 E. Jersey St., the 5.41-acre development site sits on the former Elizabeth General Hospital which vacated more than two decades ago. Phase I is planned for two, six-story buildings totaling 218,292 square feet and will include 274 studio, one-bedroom, and two-bedroom units and 3,000 square feet of ground-level retail space.
Additionally, a 540-space free-standing parking garage has been retained from the original hospital development and will be renovated and opened for tenants’ use. Construction on Phase I has now started with completion anticipated for Spring 2021.
Phase II is planned to include two, six-story buildings and 240 units. Construction has not yet been determined for this phase.
“CMT Developers is an experienced firm with a track record of success in mitigating issues with challenging sites. The company’s plan demonstrates a commitment to delivering this infill site to its highest and best use,” said Paul Rahimian, president and chief executive officer of Parkview Financial. “As a result of smaller unit floorplans, which average 683 square feet, CMT will be able to provide residents with luxury multifamily units and superior amenities at a lower price point.”
Jersey Walk is located near the major cross street of Spring Street, the site is within walking distance of the Citi Grocer, the Elizabeth Avenue business district, the Elizabeth Train Station and other public transit options, as well as a number of retail and dining amenities.