Allure 258 at 258 South Harrison St. in East Orange — Courtesy: CBRE
By Joshua Burd
Blackstone 360 has closed on $60 million in permanent financing for a new 213-unit luxury apartment tower in East Orange, in a deal arranged by CBRE.
According to the brokerage team, the loan from SteepRock Capital allows the developer to refinance existing debt tied to the lease-up of the 17-story building at 258 South Harrison St. The transaction follows the recent delivery of what’s known as Allure 258, one of several high-profile residential projects in the city that Blackstone 360 has built over the past decade.
CBRE’s Matthew Pizzolato, Jason Gaccione, Shawn Rosenthal, Josh Stein and Jake Salkovitz arranged the financing on the borrower’s behalf. Kellen Murphy of Murphy Schiller & Wilkes LLP served as lead counsel for the development team in the transaction.
“We are proud to have represented Blackstone 360,” Pizzolato said. “They have long been known for delivering transformative luxury multifamily and mixed-use projects in emerging urban markets. The transaction generated strong interest from the debt markets, underscoring the quality of the asset, its transit-oriented location and the sponsor’s proven development track record. SteepRock ultimately distinguished itself by offering superior terms while also providing certainty of execution under a tight closing timeline.”
Located near the South Orange border, Allure 258 provides renters with easy access to Seton Hall University and the East Orange VA Hospital, CBRE said, while citing its proximity to major highways such as Interstate 280 and the Garden State Parkway. The firm added that NJ Transit’s Brick Church station is within a 10-minute walk, providing a direct connection to New York Penn Station, while Manhattan is some 12 miles away.
Floorplans range from studios to two-bedroom layouts and average 853 square feet, the advisory team added. Features include an attached parking structure serving residents, shuttle service to NJ Transit and private terraces for select units, while the property has upscale amenities such as a high-end fitness center, a rooftop terrace and a resident lounge.
