Lightstone Capital provided a $24 million loan to support construction and leasing for a new multifamily asset rising in East Orange.

The real estate debt platform of the New York-based real estate company announced the financing to Friber Group for the nine-story building at 55 Washington St. April 8. Comprising 100,000 square feet, the property includes 91 residential units.

Along with on-site parking, 55 Washington offers a transit-oriented location within walking distance of the Brick Church train station in East Orange, with service to Manhattan. For Lightstone Capital, the deal marks continued momentum to start the new year.

According to the company, it recently executed more than $1.5 billion.

“Lightstone Capital has been extremely active in the first quarter of 2025, having closed on five transactions over the last 90 days, and we expect to see this momentum continue,” said Senior Managing Director Eugene Rozovsky. “55 Washington is just one example of a strong investment opportunity to finance a high quality product in a submarket backed by sound fundamentals supporting further growth and development.

“We are excited to provide a flexible capital solution in an expedited timeframe to help sponsorship see this project through stabilization.”

Looking up

So far in 2025, the lending platform says it has executed nearly $100 million across five transactions for various assets nationwide. In addition to multifamily, the alternative lender has also helped industrial projects in Texas and Ohio, for example.

More multifamily

The City of Orange recently approved a plan to transform the site of the former Orange Memorial Hospital into a mixed-used property with 1,005 apartments. Read more here.

According to Lightstone Capital, 55 Washington is nearly half occupied. The building offers units ranging from studio to two-bedroom. Amenities at the property include a fitness center, dog park, and resident lounge and terrace.

“Leveraging the platform’s experience in development, Lightstone Capital quickly and efficiently underwrote this bridge-off-construction financing, provided and negotiated terms, and closed seamlessly, to support the asset’s lease-up and stabilization,” commented Daniel Cohen, managing director, at Ackman-Ziff Real Estate Group. That New York-based firm brokered the deal.

Despite an anticipated slowdown in North Jersey’s multifamily market, “tailwinds for apartment demand are present,” according to Marcus & Millichap, including anticipated growth in the local workforce. The firm’s 2025 Northern New Jersey Multifamily Investment Forecast Report also noted the region’s “long run of moderate vacancy rates,” and their appeal to national buyers; as well as a premium on entry costs (about $20,000) above the U.S. average in an area where prices are often much higher.