Located on South Fifth Street in Harrison, the fourth phase of Advance Realty Investors’ Riverbend District is slated to include 524 market-rate apartments, more than 12,000 square feet of ground-floor retail space and a 355-space parking garage. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
Advance Realty Investors has secured a new partner and a $173.4 million construction loan for a project that will bring another 524 units to its landmark Riverbend District in Harrison.
Brokers with Cushman & Wakefield arranged the transaction, with Tel Aviv-based Menora Mivtachim providing the undisclosed equity investment and Northwestern Mutual providing the financing. That paves the way for what will be the fourth phase of the mixed-use Riverbend District, a master-planned, 35-acre development adjacent to Sports Illustrated Stadium and the Harrison PATH Station, where Advance has already delivered three residential properties totaling more than 900 apartments.
Its latest project, on South Fifth Street, will consist of 524 market-rate homes, more than 12,000 square feet of ground-floor retail space and a 355-space parking garage, Cushman said. Notably, it will be the first midrise community to be delivered in the market.
“Block B2 represents one of the most significant multifamily transactions currently underway in Hudson County,” said John Alascio, an executive vice chairman with C&W’s equity, debt and structured finance team. “The Harrison multifamily market continues to exhibit resilience via persistent rent growth, tight vacancy and strong tenant demographics, bolstering investment viability. We are pleased to continue our partnership with Advance Realty Investors to bring this thoughtful project out of the ground.”
Alascio, Chuck Kohaut and Mitch Rothstein represented Bedminster-based Advance on the transaction, with support from Niko Nicolaou and Ryan Dowd of the firm’s tristate capital markets group.
“The successful capitalization of Block B2 reflects the confidence our investment and lending partners have in both our proven track record in Harrison and our long-term vision for the Riverbend District,” said Alex Cocoziello, principal and chief investment officer of Advance Realty Investors. “With three phases already delivered, this project continues the disciplined execution of our master plan, reinforcing Riverbend’s role in Harrison’s emergence as one of the region’s premier transit-oriented destinations.”
Upon completion, Block B2 will expand housing opportunities while further strengthening Riverbend’s mix of residential, retail and community amenities in a neighborhood that provides easy access to Newark, Jersey City and Manhattan. The full Riverbend District is slated to include roughly 3,800 residences and 100,000 square feet of retail and commercial space.
Advance hails a signature project in Harrison, adding 399 homes to firm’s Riverbend District
