Residential & Mixed Use

The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.

Finance & Capital Markets
Developer lands $96 million loan from SCALE, eyeing another 811 units in Journal Square

A developer has landed nearly $100 million in financing to both break ground on 235 apartments and acquire a nearby site that is approved for another 576 units, with both parcels located in Jersey City’s historic and re-emerging Journal Square neighborhood.

Residential & Mixed Use
Accurate Builders launches leasing at final phase of new Raritan Borough apartments

The final piece of a new 276-unit luxury apartment complex in Somerset County has hit the market, helping to revive an underused site alongside NJ Transit’s Raritan Valley line.

Residential & Mixed Use
Developer, housing authority open 60-unit affordable, supportive project in Elizabeth

A public-private partnership has unveiled a new 60-unit, mixed-income housing development in Elizabeth, providing new units for formerly homeless individuals and other city residents.

Residential & Mixed Use
KRE launches leasing, eyes December move-ins at 38-story rental tower in Jersey City

Kushner Real Estate Group has all but completed a new 38-story apartment tower in downtown Jersey City, adding another 507 units to its fast-growing portfolio in Hudson County.

Residential & Mixed Use
Fort Lee’s Horizon House taps architect Steven Kratchman for master-plan, renovations

The board of Horizon House, a large multifamily complex in Fort Lee, has appointed Steven Kratchman Architect PC of New York to create a long-range master plan that will be the first phase of a longer-term strategy to reinvigorate the residential property.

Government & Public Policy
EDA approves rules, set to accept applications for new Aspire gap financing program

State officials are set to begin taking applications under a new incentive program that will look to provide gap financing to commercial and residential projects across New Jersey.

Health Care & Education
Summit Health debuts 30,000 sq. ft. office at new Montclair arts campus

Summit Health has opened the doors to a new 30,000-square-foot office in Montclair, in one of the first pieces of a new mixed-use development near the acclaimed Wellmont Theater.

Residential & Mixed Use
Kearny apartment complex fetches $36 million amid town’s ongoing revival

A longtime apartment owner in Kearny has reaped more than $36 million from its recent sale of a seven-building, 171-unit complex in the town, according to Gebroe-Hammer Associates.

Editor’s Note
A winning team

Commercial real estate truly is a people business, which explains why our stories highlighting new hires, promotions and other personnel moves are among the most popular. We’re fortunate to see a steady diet of these updates from all corners of the industry, including the types of announcements that have come from DMR Architects just about every year since we launched Real Estate NJ — five hires here, three new additions there — all to support a growing pipeline and portfolio that includes everything from apartments and hospitals to government buildings.

Finance & Capital Markets
Fairfield apartment developer inks $10.5 million refi, JLL says

A developer has secured $10.5 million to refinance a newly built, 36-unit apartment property in Fairfield, in a newly announced deal by JLL.