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mixed-use building at 10 Green St. in Woodbridge, to Vito Mazza Salon & Spa.
AZARIAN REALTY CO. leased 1,794
square feet at The Shoppes at North Brunswick, a 147,055-square-foot property at 650 Shoppes Blvd. in North Brunswick, to Crumbl Cookies. Jerry Johnson of Bennett Williams Commercial represented the tenant.
FINANCE
MORGAN STANLEY REAL ESTATE provided a $28.5 million permanent loan to Normandy Opportunity Zone Fund LP for The Ashton, a new 93-unit apartment building at 2 Ash St. in Jersey City. JLL’s Jon Mikula and Gerard Quinn sourced the 10-year, interest-only, fixed-rate loan.
A life insurance company closed a $28.48 million construction loan to The Hampshire Cos., the developer of a new 85-unit luxury apartment building at 175 Morris St. in Morristown. Michael Klein and Jon Mikula of JLL brokered the three- year, fixed-rate loan.
An undisclosed lender provided $14 million to Pointe Developers LLC to refinance a new 79-unit apartment building at 253 Academy St. in
Jersey City. Progress Capital’s Kathy Anderson sourced the loan, which includes 12 months of interest only to allow time for full stabilization, with funding based on leases in place
with earn-out.
INVESTORS BANK provided $11.5 million to New Darlington LLC to refinance The Beacon at Summit, a 37-unit luxury apartment complex at 123-127
Summit Ave. in Summit. JLL’s Jon Mikula, Jake Moore and Salvatore Buzzerio represented the borrower in securing the 10-year, fixed-rate, non- recourse loan. RE
REALESTATENJTM 11
KISLAK: HACKENSACK APARTMENT BUILDING SELLS FOR $36 MILLION
An out-of-state investor has purchased a 78-unit luxury apartment building in Hackensack for $36 million, in a transaction arranged by The Kislak Co. Inc.
The VUE Hackensack at 295 Polifly Road in Hackensack
The seller, 295 Polifly Realty LLC, completed the deal at 295 Polifly Road some eight years after purchasing it from the developer. Kislak identified the buyer as Sutton Equity LLC, a family-run firm based in Lower Manhattan.
“This off-market opportunity met the purchaser’s criteria as he sought properties outside of New York City given its tightening rent control,” Kislak Vice President Andrew Scheinerman said. “The property’s $461,539-per-unit price reflects the bullishness and long-term vision
of investors entering cities such as Hackensack that provide higher yields and stronger rent growth.”
Scheinerman represented the seller, while Kislak Senior Vice President Scott Davidovic procured the buyer. Built between 2015 and 2017, the complex known as The VUE Hackensack has six one-bedroom and 72 two-bedroom apartments,
with an average unit size of 1,205 square feet, upscale finishes
and amenities such as a virtual doorman, garage parking, a lounge and a fitness center.
It’s also accessible from both Interstate 80 and Route 17, providing a quick route to the George Washington Bridge and Lincoln Tunnel. Additionally,
the site is minutes from the
city’s downtown, Hackensack University Medical Center, Fairleigh Dickenson University and Teterboro Airport.
“We are working with more New York City-based investors looking for opportunities in New Jersey,” Davidovic said. “This is the second recent transaction we closed with purchaser who was able to secure a loan assumption to get The
VUE closed. We look forward to working together again to close more deals.”
Bob Beni
Senior Vice President,
Sr. Commercial Real Estate Officer 732.591.8700 x5732 rbeni@amboybank.com
Construction & Permanent Loans
Construction and Permanent Loans
Bank has been financing NJ’s building and housing needs.
We provide commercial, construction and permanent loans with flexible terms and, of course, quick local decisions.
Please call Bob Beni at 732.591.8700 x5732 to discuss your best options.
$23, 900, 000
94 APARTMENTS
New Brunswick, Middlesex County
Construction/Permanent
$9, 000, 000
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$10, 650, 000
95,500 SQ FT WAREHOUSE
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Courtesy: The Kislak Co. Inc.