JLL Capital Markets has secured financing for a transformative mixed-use project in Elizabeth.
On June 6, the firm announced it worked on behalf of the borrower – LeCesse Development Corp. and Elizabeth-based MAS Development Group – to secure the $97.25 million five-year, senior floating-rate loan through an entity managed by Argentic Investment Management LLC for Vinty, located at 100 Union St.
The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Steven Klein, Director Gerard Quinn and Analyst Benjamin Morgenthal.
Located across the street from the local New Jersey Transit rail station, which is undergoing a more than $70 million upgrade, Vinty features 267 residences consisting of studio, one- and two-bedroom units. Inside, apartments are finished with quartz countertops, stainless steel appliances, in-unit washers and dryers, wood-style plank flooring, and large walk-in closets and bathrooms. Complementing the residential component, the building’s amenities include a fitness center and yoga/cycling studio, resort-style pool, outdoor summer kitchen, outdoor theater, community lounge, a golf simulator, dog park and more.
“Argentic quickly recognized the quality of product, including the spaciously appointed units, the abundance of community amenities and the connectivity between the residential and commercial spaces, that the borrower has created,” said Steven Klein in a statement. “Argentic was able to provide a highly competitive deal structure that will allow MAS and LeCesse to continue to season the property.”
The ground-floor commercial space at Vinty includes a unique 3,315-square-foot sous vide food hall, a high-end private office/coworking space with a range of accommodations suited for various needs, and a Northfield Bank branch that is set to start servicing customers this September.
The property, which broke ground in 2019 and was delivered in 2022, is located within an Opportunity Zone, offering connectivity to cities and employment hubs across New Jersey and New York. The adjacent train station serves two lines – the Northeast Corridor and North Jersey Coast Lines – boosting that reach. Additionally, Newark Liberty International Airport is just about 3 miles away. Within the city – the state’s fourth-largest – Vinty is walkable to the main downtown corridors along Broad Street and Main Avenue, in addition to Union County College, Trinitas Regional Medical Center and the Union County courthouse.
“Vinty represents the first phase of a transformational placemaking community for downtown Elizabeth,” said Michael Klein. “Residents, businesses owners and the overall city will benefit from the vision and sense of community that MAS Development and LeCesse Development have created at Vinty for years to come.”
That vision includes a coming-soon sister project, Ecco, which is slated to include 258 apartments.
“It was a pleasure working with JLL who has understood that Vinty shows what the future of Elizabeth looks like,” MAS Development founder and principal Salvador Garcia told NJBIZ, highlighting the city’s ongoing revitalization. “This is a big milestone for the vision of Vintage City.”
Stay with NJBIZ for a closer look at the community developing at Vinty, coming to an upcoming issue.
Editor’s note: The original announcement of this transaction indicated the financing secured was a two-year loan; that was incorrect. This story was updated at 11:03 a.m. ET on June 7, 2023, to correct the terms to five years.