Plans for The Vail, a luxury multifamily development at 780 Passaic Ave. in West Caldwell, include 92 homes, covered parking and amenities such as a modern fitness center, coworking areas, a dog park and grilling stations. — Rendering courtesy: CBRE
By Joshua Burd
Accordia has landed a nearly $31 million construction loan for a planned 92-unit luxury apartment building in West Caldwell, in a newly announced deal by CBRE.
According to the brokerage team, Principal Financial provided the debt in connection with the four-story project at 780 Passaic Ave. That’s where Accordia hopes to leverage a location that’s just two miles from Route 46 and a 30-minute drive from Manhattan, with plans calling for upscale rentals, covered parking and amenities such as a modern fitness center, coworking areas, a dog park and grilling stations.
The project known as The Vail is slated to include 19 homes reserved as affordable housing.
“We continue to see strong interest from lenders for well-located multifamily developments backed by experienced sponsors such as Accordia Real Estate,” CBRE’s Matthew Pizzolato said. “Principal recognized the strength of The Vail’s sponsorship, location and overall business plan, and ultimately stepped up to provide the most competitive financing terms to help bring this exceptional project to fruition.”
Pizzolato and the firm’s Josh Stein, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Lauren Weinstein and Justin Helbling arranged the $30.7 million loan on the borrower’s behalf.
“We are excited to breathe new life into this prominently located site, which has remained dormant for years since Welsh Farms Ice Cream Inc. vacated the property and the former structure was demolished,” said Jason Bogart, founding principal of Accordia Real Estate.
Ben Morgenthal, director of acquisitions and capital markets at Fairfield-based Accordia, added: “Closing on this financing with Principal and the CBRE team is a meaningful milestone for Accordia and a strong validation of our platform. Northern New Jersey continues to demonstrate exceptional multifamily fundamentals, and The Vail is emblematic of the well-located, supply-constrained opportunities we’re targeting. With several additional projects advancing through our pipeline, we look forward to building on this momentum alongside best-in-class capital partners.”
