Page 18 - RE-NJ #80 Nov.2023

16 WINTER 2023
leased 1,700 square feet at Hartford
Corners, a 215,000-square-foot property at Route 130 and Hartford Road in Delran. Kendal Hand- Freda and Fred Younkin of Levin Management Corp. represented ownership, while Nick Quinn of CBRE represented the tenant.
A private buyer acquired 540 Riverside Ave., a 1.07-acre site in Lyndhurst, for $2.9 million. Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer.
K-LAND NO. 68 LLC leased a freestanding restaurant space at 4053 Route 1 in South Brunswick
to Popeyes. The Goldstein Group’s Chuck Lanyard and Vice President Mark Handwerker represented both parties.
FINANCE
A life insurance company provided a $124.1 million refinancing loan
to Kushner Real Estate Group and National Real Estate Advisors, the owners of the 458-unit Grove Pointe Apartments at 100 Christopher Columbus Drive in Jersey City. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim
Mortgage secured the loan, which combines an interest-only period with the balance on a 30-year amortization schedule.
AFFINIUS CAPITAL LLC closed a
$102 million construction loan to
a real estate fund advised by Crow Holdings Capital, the developer
of the 700,000-square-foot Tac-Pal Logistics Center phase two on Route 73 in Palmyra. Bank OZK provided the senior portion of the financing, with John Rose and Chad Orcutt of JLL’s Dallas and Philadelphia offices arranging the debt.
An undisclosed West Coast-based bank provided $30.5 million in financing for a 152,000-square-foot industrial building in Middlesex County. Bridget Wilcox and Albert Raymond of G.S. Wilcox & Co. arranged the financing.
ARBOR COMMERCIAL MORTGAGE
closed a $30 million construction
loan to Avi and Eyal Gagin for a 155-unit multifamily project at 859-869 Communipaw Ave. in
Jersey City. Progress Capital’s Brad Domenico arranged the nonrecourse construction loan with favorable terms.
GREYSTONE provided a $21.56 million Fannie Mae Multifamily Affordable Housing loan to Tryko Partners
to refinance Roosevelt Village Apartments, a 10-building, 101-unit affordable housing property at 100 Roosevelt Ave. in Carteret. The nonrecourse, fixed-rate financing
has a 10-year term and a 35-year amortization, with seven years of interest-only payments.
PROVIDENT BANK originated a
$19 million construction loan to CrownPoint Group and Lamar Cos. for a 1,332-unit, 135,728-square-foot self-storage project at 305 Wilson
Ave. in Newark. JLL’s Michael Klein, Jon Mikula and Ryan Carroll represented the borrower. RE
BIJOU SELLS 69-UNIT HOBOKEN RENTAL PORTFOLIO, JLL SAYS
Bijou Properties has sold a two-building, 69-unit luxury apartment portfolio in northern
Hoboken, in a newly announced deal by JLL.
Located at 1405 Clinton St. and 1405 Adams St., the properties have floorplans ranging from one to three bedrooms and amenities such as a package room, a private fitness center, a resident lounge and a common terrace with seating and grill areas, according to a news release. Each includes five stories of residential floors over ground- floor parking garages, high-end lobbies and retail space.
JLL senior managing directors Jose Cruz, Steve Simonelli
and Michael Oliver, Director Elizabeth DeVesty and Associate Austin Pierce led the team representing Bijou in the sale. Senior managing directors
Jim Cadranell and Gregory Nalbandian, Senior Analyst Salvatore Buzzerio and Analyst
John Cumming secured a
$27 million acquisition loan
on behalf of the buyer, an undisclosed institution, through a life insurance company.
“There was no shortage of interest to finance these core multi-housing assets,” Nalbandian said.
“Our client strategically owns several multi-housing assets within the immediate vicinity, making this acquisition a great complement to their strong footprint in Hoboken.
“Our life company correspondent provided a 10-year, interest-only loan at a very attractive rate
and allowed the borrower to lock their interest rate on the same day Silicon Valley Bank and Signature Bank went under, never wavering.”
Bijou completed the buildings
in 2013 and 2019, respectively, as part of its expansive holdings along Hoboken’s northern and western borders. The properties, which are a block apart, provide residents with quick access to mass transit and to the Holland and Lincoln tunnels.
1405 Clinton St. and 1405 Adams St. in Hoboken
Rendering by MHS Architecture/Courtesy: JLL
EXCLUSIVE PROPERTIES
FOR SALE
Orange, NJ
42 Residential Units
Julie Gralla ext 224
Jersey City, NJ
24 Residential Units + 1 Retail Unit
Davis Briones ext 370
Maplewood, NJ
2 Residential Units + 1,500 SF Retail Joseph Keenan ext 256
Newark, NJ
Approved Site | 40 Residential Units
Tom Scatuorchio ext 255
East Orange, NJ

Potential 156 Unit Development
Joni Sweetwood ext 273
Paterson, NJ
3 Building-Portfolio 38 Units + 5 Retail Barry Waisbrod ext 272
Paterson, NJ
2 Buildings | 30 Residential Units
Robert Squires ext 287
Belleville, NJ
Approved Site | 14 Residential Units + 2 Commercial Units Matt Weilheimer ext 253
Tom Scatuorchio ext 255
Trenton, NJ
8,000 SF Warehouse Redevelopment Opportunity Joseph Keenan ext 256
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000