Located at 22-01 Fair Lawn Ave., Plaza Greene will include 145 age-restricted apartments and 24,035 square feet of retail space anchored by Sprouts Farmers Market. — Rendering courtesy: JLL
By Joshua Burd
Construction is underway for a new 145-unit age-restricted rental community in Fair Lawn with the help of nearly $67 million in financing, brokers with JLL announced this week.
Its developers, Sterling Properties and Danbro Properties, broke ground recently at a site directly east of NJ Transit’s Radburn station, where plans call for both market-rate and affordable apartments for residents 55 and older. Known as Plaza Greene, the project is also slated to include 24,035 square feet of retail space anchored by a 22,340-square-foot Sprouts Farmers Market, filling multiple needs for downsizing homeowners while enhancing to the borough’s downtown.
PCCP and U.S. Bank provided the $66.85 million construction loan, which JLL senior managing directors Jim Cadranell and Jon Mikula, Vice President Michael Lachs and Analyst Kevin Badger sourced on the borrowers’ behalf.
“Plaza Greene fills a critical void in Bergen County’s rental market by delivering institutional-quality, age-restricted housing in a transit-oriented location, where residents have the convenience of garage parking or don’t need a car at all,” Cadranell said. “The combination of Sprouts Farmers Market, luxury apartments, immediate train access and Fair Lawn’s strong demographics created a compelling story for lenders seeking well-located mixed-use construction opportunities.”
Designed by Minno & Wasko, the project at 22-01 Fair Lawn Ave. will have boutique hotel-style amenities including a clubroom, fitness and yoga studios, a private dining room and a landscaped entertainment courtyard. March Associates Construction is its general contractor, while FBT Gibbons served as the project’s legal counsel.
“We believe Plaza Greene represents an attractive opportunity to finance a high-quality, grocery-anchored 55+ community in a supply-constrained market with strong demographic fundamentals,” Lia Barsanti, a senior vice president with PCCP, said in a separate news release last month. “Sterling and Danbro bring extensive experience developing multifamily communities throughout New Jersey, and we believe the project’s transit-oriented location, amenity package, and proximity to retail and services will resonate strongly with the area’s growing 55+ population.”
