Advance Realty Investors continues to transform the hometown of Red Bull New York, securing a construction loan for the latest component of its mixed-use, transit-oriented development Riverbend District in Harrison.

Cushman & Wakefield announced July 31 arranging a joint venture equity investment from Tel Aviv-based Menora Mivtachim with confidential terms. Representing the partnership, the firm also secured $173.4 million in financing to build Block B2.

Rising adjacent to Sports Illustrated Stadium, the project sits less a mile away, and about a 10-minute walk, from the Harrison PATH station with connections to New York City and NJ Transit. The mixed-use Hudson County development will include 524 residential units, 12,100 square feet of ground-level retail space and a 355-space parking garage. According to CushWake, Block B2 will represent the first mid-rise product delivered to the local market.

An C&W Equity, Debt & Structured Finance team featuring Executive Vice Chair John Alascio, Executive Director Chuck Kohaut and Senior Associate Mitch Rothstein exclusively represented Advance Realty Investors in the transaction. Vice Chair Niko Nicolaou and Managing Director Ryan Dowd of the Tri-State Capital Markets team supported the deal.

Located on South Fifth Street, Alascio described Block B2 as one of Hudson County’s most significant transactions.

“The Harrison multifamily market continues to exhibit resilience via persistent rent growth, tight vacancy and strong tenant demographics, bolstering investment viability,” he said.

According to Apartments.com, the average monthly rent in Harrison is 61% higher than the national average ($1,663).

Just around the Riverbend

Advance Realty Investors assembled and entitled approximately 35 acres in Harrison in 2002, before launching brownfield remediation efforts at the former industrial sites.

According to the company, it demolished more than 20 buildings totaling 286,000 square feet over a period of a year. The master-planned Riverbend District project also introduced new roadways and infrastructure to the area, laying the groundwork for the Harrison PATH station (newly delivered in 2019) as well as Sports Illustrated Stadium.

The work is part of Harrison’s Waterfront Redevelopment Plan. Plans call for 3,300 residential units and 100,000 square feet of retail and commercial space.

Riverbend District‘s completed phases included Cobalt Lofts, Steel Works and The Wyldes. The buildings comprise more than 900 apartments.

“The successful capitalization of Block B2 reflects the confidence our investment and lending partners have in both our proven track record in Harrison and our long-term vision for the Riverbend District,” said Alex Cocoziello, principal and CIO, Advance Realty Investors. “With three phases already delivered, this project continues the disciplined execution of our master plan, reinforcing Riverbend’s role in Harrison’s emergence as one of the region’s premier transit-oriented destinations.”