A rendering of Vinty, a planned mixed-use project at the corner of Union and West Grand streets in Elizabeth — Courtesy: LeCesse Development Corp. and MAS Development Group
By Joshua Burd
A development group has landed $55 million in financing for a planned 267-unit apartment complex in Elizabeth, in a newly closed transaction by Citizens Commercial Banking.
The Providence, Rhode Island-based lender is providing the construction loan to LeCesse Development Corp. and MAS Development Group, the joint venture behind the project at Union and West Grand streets. Known as Vinty, the development will aim to capitalize on a location across the street from the Elizabeth train station, offering a mix of studio, one-bedroom and two-bedroom units and 37,000 square feet of commercial space.
The nearly $92 million project is due to be complete in the first quarter of 2021. March Associates Construction is serving as the general contractor, while Humphreys & Partners Architects is the project’s architect.
“Citizens’ Commercial Real Estate bankers are trusted strategic and financial partners who were ready to listen to us and help make this deal a reality,” said Sal Garcia, principal of MAS Development Group. “The Citizens team has a strong commitment to the community and a deep knowledge of the commercial real estate landscape. Their close attention to detail made for a seamless and timely execution.”
Vinty will sit on 2.48 acres, with four stories of residential units, retail and office space and a 274-space parking garage. Plans call for high-end interiors and amenities such as a fitness center, a virtual golf simulator and a resort-style pool.
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Tim Leon, executive vice president of commercial real estate for the Mid-Atlantic, Southeast and Southwest at Citizens Bank. “Providing construction loans to projects such as Vinty is just one of the ways that Citizens delivers substantial value for our clients and our communities.”
