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.

Changing times

As you’ll read in this month’s cover story, redevelopment is coming to some of New Jersey’s largest malls — from the mecca of Paramus to Burlington County — as owners and local officials mull the future of their cherished shopping centers. Increasingly, those plans call for bringing new apartments, health care facilities and vibrant public spaces meant to create new foot traffic. Many of these projects are now moving forward in the Garden State, with more to follow, despite pockets of opposition and the challenge of repurposing a sprawling property with longstanding anchor tenants.

Kennedy Funding lends $1 million for single-family housing development in Delaware

Kennedy Funding has closed a $1 million bridge loan for a single-family residential development in southern Delaware, the Englewood Cliffs-based firm announced Monday.

VIDEO: The Newark Redevelopment Update

Watch the full presentation from our June 7 seminar, where the developers and insiders behind Newark’s most important commercial real estate projects debated the long-held opportunities and challenges in New Jersey’s largest city.

Perth Amboy names new areas in need of redevelopment to spark investment

A large stretch of downtown Perth Amboy is now an area in need of redevelopment under state law — as are several other sections of the city — allowing local officials to offer tax incentives, condemn blighted properties and take other steps to help revitalize the properties.

JLL: Continental snags $50 million construction loan for 169-unit Livingston rental project

Continental Properties has landed a nearly $50 million construction loan for a planned 169-unit upscale apartment property in Livingston, in a newly announced deal by JLL.

C&W: Pomeranc Group buys 465-unit Wayne rental property, inks $98 million acquisition loan

The Pomeranc Group has acquired a 465-unit apartment complex in Wayne, having also secured nearly $98 million in Fannie Mae financing for the deal.

AvalonBay marks debut of 374-unit Somerville apartment community

AvalonBay Communities has unveiled its new 374-unit luxury apartment property in Somerville, where it’s anchoring a master-planned project adjacent to the borough’s train station.

Gebroe-Hammer inks sale of 53 apartments in Passaic, Paterson in deals totaling $9.8 million

An investor has purchased a 23-unit apartment building in Passaic for $4.5 million, in the largest of three newly announced deals in the region by Gebroe-Hammer Associates.

RPM lands $29 million Aspire tax credit for redevelopment of historic Trenton property

A plan to bring 120 new apartments to a historic property in Trenton is moving ahead with the help of more than $29 million in tax credits under the state’s Aspire program.

Tulfra tops out 160-unit rental project in Rochelle Park, eyes spring 2024 delivery

Tulfra Real Estate is planning a spring 2024 delivery of a new 160-unit luxury apartment complex in Rochelle Park, where it recently completed vertical construction.