Madison Realty Capital said on May 3 that it provided a $395 million loan to Accurate Builders & Developers for a portfolio of assets that includes three nearly complete multifamily properties located in Bayonne, Raritan and Linden.
All told the developments include 1,161 units, plus an 8-acre development located at the site of the Former Bears Stadium in Newark that includes plans to develop 4,200 residential units.
“This transaction reflects Madison Realty Capital’s ability to provide a complex, hybrid financing solution to a high-quality borrower across price points and all stages of the project lifecycle, from land acquisition, ground up development and leasing,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “We are thrilled to expand our relationship with Jack Klugmann of Accurate Builders & Developers and to work with the Town of Newark on this exciting, once-in-a-generation project that benefits the economic revitalization of downtown and will bring much needed high quality housing options to Newark’s hard-working residents. Bayonne, Raritan and Linden are attractive, transit-oriented locations with growing demand for high-quality rental housing options.”
The four-story Raritan multifamily building offers 276 studio, one- and two-bedroom units, 20 of which are affordable units, and luxury amenities, such as fitness centers, courtyards, BBQ and a parking garage. Leasing for this property is already underway.
In Linden, the four-story rental property will offer 234 studio, one- and two-bedroom units with access to top-tier amenities including courtyards, pool, fitness centers, roof deck and children’s playroom. Leasing for this property is expected to begin over the summer.
The Bayonne property consists of two, five-story multifamily properties with a mix of 651 studio, one-, and two-bedroom units and will offer top-tier amenities including a roof deck, concierge, pet center, spa facility, rooftop pool, fitness center and outdoor terraces. Leasing is for the buildings is expected to occur at the end of 2021 and the first quarter of 2022, respectively.
The 8-acre Newark project site includes plans to develop 4,200 residential units as part of a master-planned community to be built in nine phases that enables the borrower to develop the assets over time and monetize the assets individually in partnership with the City of Newark.
The ground up development project will include 200 affordable units, up to 3,000 parking spaces; at least 100,000 square feet of hospitality/destination retail; coworking space for small business, entrepreneurs, and freelancers; and publicly accessible green space.
Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for this transaction.