RE financing Archives

Clark rental community secures $49.5M financing

Garden Communities’ new multifamily community in Clark has secured financing about five months after delivery of the project’s first building in Union County.

JLL Capital Markets arranged the $49.5 million, 10-year, fixed-rate loan on behalf of the borrower, an affiliate of Short Hills-based Garden Communities, procuring the financing from Nationwide. According to the global commercial real estate and investment management company’s Nov. 20 announcement, the Debt Advisory team was led by Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer.

Located directly off of the Garden State Parkway at 35 Walnut Ave., Walnut Hill is a 240,000-square-foot, two-building, four-story elevatored community with 149 market-rate apartments and 28 affordable units offering a mix of one-, two- and three-bedroom layouts.

Walnut Hill’s apartments feature private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers. The amenity package includes a fitness center, resort-style pool, clubhouse with lounges, a game room and more.

Garden Communities announced the delivery of Walnut Hill’s first building this past June, which had at that point already reached the 50% leased mark.

“We are excited to officially kick off Walnut Hill,” Garden Communities’ Tony DiGiovanni, the project’s developer, said at the time. “Offering a well-balanced lifestyle, stylish living spaces and thoughtful amenities, Walnut Hill has everything today’s renters are looking for – all in a desirable and convenient suburban Union County location.”

Clark was voted one of Niche.com’s “Best Places to Live in New Jersey” in 2022. The location offers connectivity to the New Jersey Turnpike, Interstate 78 and U.S. Route 22, as well as being less than 2 miles from Cranford Station, with service via a connection to New York Penn Station.

The Garden Communities’ project is in proximity to Clark Commons, which is anchored by Whole Foods.

Monthly rents at Walnut Hill start from $2,800 for a one-bedroom and $3,200 for a two-bedroom. The property features an on-site leasing office that is open daily. More information is available here.

The Garden Communities project pipeline will result in the delivery of several new multifamily projects in the tri-state area, including in East Brunswick, Springfield and Florham Park, over the next several years, according to the company.

JLL arranges $23.5M acquisition financing for Sayreville IOS site

A 10-acre site featuring industrial outdoor storage is available for lease in Middlesex County following its sale.

JLL Capital Markets announced Aug. 31 it arranged $23.5 million in acquisition financing and joint venture equity for the purchase of 700 Jernee Mill Road in Sayreville, which boasts 6.5 usable acres and a 28,500-square-foot warehouse.

The global real estate services company represented Ridgecut Road and its partner, Brennan Investment Group, to secure the acquisition loan through an undisclosed regional bank. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Analyst Benjamin Morgenthal.

“The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from both equity investors and lenders,” Pizzolato said.

The sale-leaseback was negotiated with the property’s seller and current occupant, American Truck & Trailer, which will continue at the industrial site for six months from closing, which occurred two weeks ago. In the meantime, JLL Executive Managing Director Dean Brody, who specializes in leasing low coverage industrial, will begin his campaign marketing the property for lease.

Located 35 minutes from the Port of Newark, the site offers direct access to Routes 9 and 18, as well as Interstates 95 and 287.

The warehouse at the property features clear heights ranging from 24 feet to 28 feet, 14 drive-in doors and the more than 6 acres of space for truck parking and IOS. According to JLL, the low coverage property is “highly coveted,” offering tenants scale, “which is difficult to find in a supply diminishing market.”

In its New Jersey Industrial Insight report for the second quarter of 2023, JLL called out a “significant slowdown” in construction starts, amid uncertainty around interest rates and entitlement challenges. “We expect this capital environment to continue to restrict development, and as a result total under construction volumes are forecasted to fall below 20 million s.f. by year-end,” according to the report.

That should serve to amplify appeal for existing properties, like 700 Jernee Mill Road.

Journal Square multifamily building secures $160M bridge loan

In 2021, Slate Property Group‘s lending arm SCALE helped a Jersey City property do just that, with a construction loan. Last week, the company said it provided new funding to retire that previous $120 million lending and to fund the residential building’s lease-up and stabilization.

Slate Property Group said July 19 it provided Namdar Group with a $160 million bridge loan for 618 Pavonia Ave., a 27-story, 432-unit residential building in Journal Square. The loan was arranged by Drew Fletcher and Bryan Grover of Greystone Capital Advisors.

Known as 9 Homestead Place, the ground-up development topped out in April 2022 and was completed in spring 2023. Offering a mix of studio to three-bedroom apartments, amenities include a bowling alley, rooftop lounge and terrace, game room, yoga room and fitness center. Additionally, the project includes 10,000 square feet of retail space along with 21,000 square feet of office space, which is master leased to apartment and coworking community CMPND.

According to Slate Property Group, 9 Homestead Place has had “enormous” lease-up success.

The latest financing marks the fifth transaction SCALE has closed with Great Neck, N.Y.-based Namdar, which has a pipeline of more than 4,000 units in Jersey City’s Journal Square neighborhood.

The 27-sotry, 432-unit 9 Homestead Place is located at 618 Pavonia Ave. in Jersey City. - SLATE PROPERTY GROUP — 9 Homestead Place isn’t the only building to account for work convenience. In Elizabeth, “business building” Vinty is doing similar work with its Vintage Offices coworking space. – SLATE PROPERTY GROUP

“In an environment that is making it extremely difficult to finance all types of development projects, our strong relationships and experience in the market are allowing us to get a large volume of deals across the finish line,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’ve had great success working with Namdar Group, a repeat borrower of SCALE with an extensive track record in Journal Square.”

The 9 Homestead Place property is located directly across from the Journal Square PATH station, with access to World Trade Center in New York in 15 minutes, and more than 20 bus connections from NJ Transit.

“We are thrilled to have closed another transaction with our long-standing client, Namdar Group, and our trusted financing partners at SCALE,” said Drew Fletcher, president of Greystone Capital Advisors. “This transaction demonstrates that there is still strong liquidity and risk appetite for financing high quality multifamily projects, despite the significant headwinds in the capital markets.”

Namdar Group’s other developments in the city include, MRK, 28 Cottage, 26 Van Reipen, 626 Newark and 35 Cottage.

Jersey City multifamily property from Titanium secures $42.5M loan

A newly built, 19-story multifamily property in Jersey City has secured a senior bridge loan while the sponsor, Titanium Realty Group LLC, leases the property.

Lightstone Capital, the real estate debt platform of Lightstone, announced July 20 it closed on the $42.5 million in funding for the 148-unit, 125,000-square-foot living option located at 413 Summit Ave. in the Journal Square neighborhood.

The loan was arranged by Daniel Cohen and Tax Savariego of Meridian Capital Group.

“We were very familiar with this submarket, having provided a bridge loan to the Namdar Group in July 2020 to refinance their 15-story mixed-use building MRK, also in Journal Square,” Eugene Rozovsky, senior managing director of Lightstone Capital, said in a statement. “This allowed us to move very quickly in a highly competitive capital market process to provide an attractive financing solution to a strong sponsor with a top-notch product.

“Titanium Realty Group is an experienced developer with a proven track record, and we are looking forward to working together on more projects in the future,” he added.

Based in New York City, Titanium Realty Group is a privately held, fully integrated owner, operator and developer of commercial and residential real estate with a focus on Transit Oriented Development in the local metropolitan area. The Journal Square property, with nearby access to PATH train service and buses, fits that bill.

413 Summit Ave. in Jersey City will offer 148 multifamily units. - LIGHTSTONE CAPITAL — 413 Summit Ave. is set to feature retail, parking and amenities. – LIGHTSTONE CAPITAL

The residence mix at 413 Summit Ave. is set to include 80 studios, 46 one-bedroom, 19 two-bedroom and three three-bedroom units in addition to 4,500 square feet of ground-level retail space, amenities and parking.

According to its website, Titanium has seven Jersey City projects in addition to 413 Summit Ave., either under construction or in planning, representing more than 800 units of housing, including a 26-story, 386-unit effort with retail, parking and amenities set for nearby 425 Summit Ave.

In a statement, Titanium principal Diego Hodara commended Lightstone Capital’s handling of the transaction.

“Lightstone Capital’s team executed the transaction in a very fast, efficient, and communicative manner,” Hodara said. “From signing the term sheet to closing, the process was smooth and professional. We look forward to the opportunity to work together again.”

Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. According to the company, loans range in size from $5 million up to $150 million and are secured by real estate assets located in gateway markets.

Since it launched in December 2018, Lightstone Capital has grown rapidly, developing a significant portfolio throughout the East Coast. The platform has positioned itself as a creative and reliable capital resource with over $1.2 billion in recent transactions. Lightstone Capital focuses primarily on senior bridge loans as well as mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the United States.

$98M acquisition financing arranged for Passaic County multifamily property

According to Cushman & Wakefield, a recent $97.7 million Passaic County multifamily property sale arranged by the firm, and for which it secured acquisition financing, is North Jersey’s largest in the sector since the rise in interest rates.

Vice Chair Niko Nicolaou, Senior Director Ryan Dowd and Financial Analyst Peter Welch, along with former Vice Chairman Brian Whitmer, represented the seller, UBS Realty Investors, and procured the buyer, The Pomeranc Group, in the transaction for Mountain View Crossing, a 465-unit multifamily property located at 650 State Route 23 in Wayne.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Vice Chair John Alascio, Senior Directors TJ Sullivan and Chuck Kohaut, Associates John Spreitzer and Jason Blankfein, and Analyst Mitch Rothstein served as exclusive advisor to The Pomeranc Group in the procurement of $97.69 million in acquisition financing. The five-year Fannie Mae loan provided by Greystone was originated by Managing Director Triloki Kaushal, Vice President Judah Rosenberg and Director Zane Teslik.

The Class A multifamily community offers eight studios, 309 one-bedroom, 141 two-bedroom and seven three-bedroom units with open floor plans, private patios or balconies, stainless steel appliances, hardwood floors and stone countertops.

“Situated in the affluent Northern New Jersey suburb of Wayne, this 465-unit apartment community represented a rare generational opportunity to purchase a premier multifamily complex in an area that has extremely high barriers to entry for any new development,” Dowd said in a prepared statement.

According to a statement from The Pomeranc Group partner Michael Pomeranc included with the June 21 announcement, “This acquisition represents an exciting chapter in our family’s ongoing pursuit of excellence in real estate investment and development.

“Drawing upon our expertise gained over decades in real estate development and acquisitions coupled with extensive background in leisure and hospitality, we bring a unique perspective to this asset,” he continued. “Our goal is to curate a living environment that not only provides exceptional amenities and comfort but also fosters a sense of belonging, community and shared moments that will create lasting memories for residents who call this building home.”

Situated on 31 acres, according to its website, Mountain View Crossing is also adjacent to a nature preserve. Amenities at the North Jersey residence include an outdoor swimming pool, BBQ area, tennis and basketball courts, a clubroom, fitness center and dog park.

Manhattan is just about 20 miles away, and the property offers highway accessibility to Routes 23 and 46 in addition to Interstate 80.

According to Yardi Matrix, the more-than-418,000-square-foot property was built in 1992.

“Mountain View Crossing was highly compelling to lenders given the uniqueness of the opportunity,” Kohaut said in a prepared statement. “Sponsorship plans to continue the renovation strategy by upgrading the remaining 65 unrenovated units over the next three years as tenants roll, providing significant upside.

“We’re grateful for the opportunity to represent The Pomeranc Group on this exciting acquisition,” he added.

Passaic County news

JLL secures $97M in financing for Elizabeth’s 267-unit Vinty (updated)

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.

JLL arranges $290M refinancing for Bergen Town Center

The 1 million-square-foot Bergen Town Center in Paramus, a shopping center anchored by Whole Foods and Target, recently secured $290 million refinancing.

JLL exclusively represented the borrower, Urban Edge Properties, to secure the loan through New York Life Insurance Co. and MetLife Investment Management, the professional services firm specializing in real estate and investment management announced April 25.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Scott Aiese, Claudia Steeb and Jon Mikula with Director Alex Staikos.

With frontage along Route 4 – Paramus’ busiest retail corridor, with counts of more than 150,000 vehicles per day, according to JLL – Bergen Town Center is located in one of the nation’s most productive retail submarkets, boasting annual sales higher than any other ZIP code in the U.S. According to Paramus, combined with Garden State Plaza and Paramus Park Mall, the three shopping centers post more than $5 billion in sales annually in the municipality.

Built in 1957, the property is 97% leased and growing – Crumbl Cookies and Haagen Daz were announced as tenants earlier this month, along with Journeys, Bond Vet and Perfumania.

With 70+ options, retail tenants at Bergen Town Center include:

•ULTA •Chase Bank •Kohl’s •Marshalls •HomeGoods •Burlington •Nike •H&M •CVS •Ruth’s Chris, and others.

Investment grade tenancy represents 44% of GLA at the property, according to JLL. The shopping center provides a weighted average remaining lease term of nearly seven years and a weighted average lease tenure of almost 10 years.

Bergen Town Center welcomes more than 11 million customers annually, JLL said. With 4,500 parking spaces, the property offers access to Highway 17, Interstate 80 and the Garden State Parkway. It is 9 miles from Manhattan, a trip that can be made in under an hour via mass transit.

“Bergen Town Center is a best-in-class asset operating in one of the strongest retail markets in the country,” said Aiese. “Under the astute and hands-on management of Urban Edge, it is well-positioned to continue to thrive and we are pleased to have delivered accretive financing from lenders who share in ownership’s commitment to providing a stellar brick and mortar shopping experience.”

There are 11.3 million consumers within a 20-mile radius of the property, according to JLL, noting Bergen County’s average household income is $167,050.

According to its website, Urban Edge Properties’ portfolio includes 35 properties in the Garden State.

Based in New York, the New York Stock Exchange-listed real estate investment trust focused on managing, acquiring, developing and redeveloping retail assets in urban communities, primarily from Washington, D.C., to Boston. The company owns 76 properties representing a cumulative 17.2 million feet of gross leasable space.

Hampshire, Invesco secure $39M for Teterboro warehouse acquisition

JLL Capital Markets secured $39 million in acquisition financing on behalf of a joint venture borrower for a fully leased, 221,448-square-foot warehouse and distribution property in the Meadowlands.

The Nationwide-provided, fixed-rate loan was announced April 4 by JLL, which arranged the funding for 333 North St. on behalf of Morristown-based The Hampshire Cos. and global real estate investment manager Invesco Real Estate.

Third-party provider Fashion Logistics, which specializes in warehouse management, distribution and supply chain management services for the lifestyle and fashion industries, occupies the 8.38-acre Teterboro property. According to JLL, the building has 22-foot clear heights, 15 dock-high doors, 11 drive-in doors, 95 parking spaces for cars and 15 trailer parking space.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein, John Rose and Jon Mikula, and Associate Ryan Carroll.

According to a statement from Klein, well-located industrial properties are still in demand by banks and life insurance companies, “despite the current inefficiencies in the capital markets.”

In JLL’s Fourth Quarter 2022 New Jersey Industrial Insights report, the Meadowlands region had a vacancy rate of 1.9%. Average asking rents were recorded at $20.46 per square foot for the region, above the statewide average asking rent of $15.54 per square foot. Looking ahead, the report anticipates continued rent growth, though at a more regulated pace that seen in recent years.

“Nationwide’s prior experience with the sponsors and understanding of the Meadowlands industrial market allowed them to seamlessly close this loan in an accelerated timeframe with an attractive rate and prepayment flexibility,” Klein said.

Added Mikula, “Lender pipelines are down as we start the year and therefore are very aggressively pursuing compelling investment opportunities.”

In October 2022, the Hampshire-Invesco JV secured construction financing through BMO Financial Group, with the help of JLL, to raze an existing building and develop a 111,660-square-foot Class A warehouse in the region.

Hackensack multi-building industrial property lands $11M refinancing

An 81,000-square-foot multi-building industrial site in Hackensack recently secured refinancing with an $11 million loan from Valley Bank.

The loan for 211-215 S. Newman St. was announced March 27 by The STRO Cos., an exclusive real estate services provider to the Millstein Family Office.

Shiny happy vans

ICYMI: The STRO Cos. recently secured big-name tenant Amazon for a 205,000-square-foot Class A industrial distribution facility in Passaic County. Read more here.

STRO Senior Director of Acquisitions and Capital Markets Jack Shulman represented the ownership group in-house to arrange the financing with Wayne-based Valley Bank.

“It was great to see this project reach a successful conclusion and provide another opportunity to work with Valley,” Shulman said in a statement. “Valley was a great partner in refinancing this asset due to their ability to move fast and understanding of industrial assets. We are pleased to have partnered with them on another transaction and look forward to others in the future.”

Brian Tish, deputy department head of commercial real estate North for the financial institution, also expressed excitement about expanding the relationship with the Ridgewood-based investor and operator.

“Successful collaboration is made easy when organizations share similar viewpoints on investment asset classes and the geographic markets for which they operate within,” he said.

The multi-building property is located directly off Interstate 80, offering easy access to the New York metropolitan area. It features 15-foot clear ceilings, three drive-in doors, 11 docks and parking for both trailers and employees.

In 2022, STRO secured multiple, long-term tenants for the property, including Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes. The property is currently 100% leased.

Journal Square apartment building lands $58M refinancing

In Jersey City’s Journal Square, a luxury, mid-rise apartment building secured refinancing to the tune of $58 million.

JLL Capital Markets represented the borrower, 3 Journal Square Urban Renewal LLC, to arrange the seven-year, fixed-rate loan through a life insurance company, the firm announced March 15.

The property features 240 units – a mix of one-, two- and three-bedroom residences – with bright, open layouts, full-size washers and dryers, chestnut vinyl flooring, granite kitchen countertops, stainless steel appliances, custom kitchen cabinetry and quartz bathroom countertops.

Community amenities include a state-of-the-art health and fitness center, a yoga studio, a resident lounge with fireplace and billiards, a rooftop deck with Manhattan skyline views and lounge areas and more.

The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Thomas Didio, Senior Director Thomas Didio Jr., Director Gerard Quinn and Analyst John Cumming.

The ribbon-cutting at 3 Journal Square. — The June 2017 ribbon cutting at 3 Journal Square. – MARIO MARROQUIN

“This financing is a testament to the quality of product the developer has delivered to the market,” Didio said in a statement. “The lender stepped up to the plate and delivered very strong economic terms to allow the partnership to continue operating this tremendous asset in a burgeoning submarket of Jersey City. JLL is grateful to play a role in continuing to grow the relationship between the developer and lender teams.”

The property made its debut in 2017, developed by Panepinto Properties and venture partner Hartz Mountain.

“This project is the final phase of a development that began in 1980,” Joe Panepinto, CEO and president of Panepinto Properties, said at the time. “The city owned this property and it was vacant for 30 years, paying no taxes. They put the property up for sale. First time they put it up, no one bid. Second time they put it up, I was the only one who bid.”

Located at 2955 John F. Kennedy Blvd., 3 Journal Square offers walkability to area amenities, in addition to the Journal Square Path Station. Automobile travel is convenient due to its proximity to major north-south and east-west corridors and connections to the New Jersey Turnpike and Pulaski Skyway.

6 building Jersey City multifamily complex secures $257M in financing

A recently redeveloped, six-building multifamily complex in Jersey City procured $257.24 million in fixed-rate agency financing.

On March 14, Cushman & Wakefield announced it served as exclusive advisor to Building and Land Technology to secure the 10-year Freddie Mac financing, which was provided by Greystone, for The Beacon and a 510-space parking garage.

Located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place, the property is comprised of 1,155 units on a 14-acre site.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Vice Chair John Alascio, Executive Managing Director Alex Hernandez, Senior Brokerage Specialist Alex Lapidus and Financial Analyst Mitch Rothstein and a Cushman & Wakefield Capital Markets team of Vice Chairs Brian Whitmer and Niko Nicolaou and Executive Vice Chair David Bernhaut represented the borrower in the transaction. Greystone Vice President Judah Rosenberg originated the Optigo loan, which represented a sizable single-asset financing for Freddie Mac with a highly complex and unique structure, Cushman & Wakefield said.

The Beacon, a six-building multifamily complex plus 510-space parking garage located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place in Jersey City. — According to Cushman & Wakefield, The Beacon is one of the largest residential historic rehabilitations in the US. – CUSHMAN & WAKEFIELD

“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” Alascio said in a statement, noting its spot at the nexus of Journal Square, McGinley Square and Bergen Lafayette. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment,” he continued.

According to the announcement, the redevelopment effort at the property, built in the early 20th century and the original home of the Jersey City Medical Center, is one of the largest residential historic rehabilitations in the U.S.

The gated community offers a mix of studio and one-, two- and three-bedroom units. Amenities include fitness centers, a yoga studio, an indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges, numerous dog runs, a playground, a 1-acre private park and substantial outdoor space with fire pits and grills.

Nearby, The Beacon offers access to retail, dining and entertainment options. The property also offers a complimentary shuttle service, allowing for a 30-minue commute across the river to Manhattan.

Union County Hunter Lofts project secures $14.95M construction loan

Ballfield view of Hunter Lofts, a 57-unit mixed-use redevelopment at 140 W. Webster Ave. in Roselle Park. — A rendering for Hunter Lofts in Roselle Park. – PROGRESS CAPITAL

A redevelopment project in Union County’s Roselle Park secured construction funding to transform the former site of H&H Building Supply into a mixed-use property.

Progress Capital founding partner Kathy Anderson and financial analyst Caillin Boles arranged the $14.95 million loan on behalf of Woodbridge-based The Kontos Group, the developer/owner behind Hunter Lofts, the Tinton Falls-based commercial real estate advisory announced March 6.

Plaza view of Hunter Lofts, a 57-unit mixed-use redevelopment at 140 W. Webster Ave. in Roselle Park. — Hunter Lofts is also slated to include commercial space. – PROGRESS CAPITAL

The funding was provided by Columbia Bank. According to Progress Capital, it carries a 36-month interest-only period with a 10-year permanent conversion option.

Kontos Construction Ltd. serves as general contractor for the project, which broke ground Feb. 25 at 140 W. Webster Ave., and is aiming to complete the work in 24-36 months.

Hunter Lofts will feature 57 residential units and 4,000 square feet of commercial space. Fifty-one of the units will be market rate; the remaining six will be affordable, with half marketed with a preference to U.S. military veterans.

The property sits on just over an acre near Roselle Park High School and the Locust Street entrance to the town’s train station, which offers service to Manhattan on NJ Transit’s Raritan Valley line.

Since 1990, Progress Capital said it has closed more than $40 billion in commercial loans and $150 million in directly funded bridge loans.

Select Region or Brand

Upcoming Event

Tag: RE financing