Page 13 - RE-NJ

in Fairfi eld, with Strategic Family
Wealth. JLL’s Fred Hyatt and Derek
DeMartino represented ownership.
FRANKOSKI CONSTRUCTION CO.
sold 314 Dodd St., a 5,000-square-
foot building in East Orange. KW
Commercial Realty’s Brian Kelly
represented both parties, while Elliot
Scher of Benenson & Scher LLC and
Naftaly Weisz served as attorneys for
the seller and buyer, respectively.
BFP PROPERTIES LLC sold 23 Harker
Ave., a 4,100-square-foot building in
Berlin, to Badmacs Holdings LLC.
Wolf Commercial Real Estate’s Brian
Goren represented the seller.
RESIDENTIAL
PARK TOWNE APTS LLC sold Park Towne
Apartments, a 108-unit apartment
complex at 51 West Chestnut Ave. in
Vineland, to Park Towne Apartments
LLC for $12 million. Joni Sweetwood
of The Kislak Co. Inc. represented the
seller and procured the buyer.
A private investor acquired Brentwood
Park, a 77-unit apartment building
at 850 Hamilton St. in the Somerset
section of Franklin, for $24.2 million.
Adam Zweibel of Hudson Atlantic
represented both parties. NewPoint
Real Estate Capital provided $17.75
million in bridge fi nancing.
THE PERTH AMBOY YMCA acquired the
Remington Rooming House, a 40-unit
property at 377 Smith St. in Perth
Amboy, for $2.4 million. Daniel Lanni
of The Kislak Co. Inc. represented
the seller, while OceanFirst Bank
arranged fi nancing.
PARKSIDE COMMONS LLC sold
Parkside Commons, a 33-unit
apartment property at 883-887
Parkside Ave. in Trenton, for $3.326
million. Barry Waisbrod of The
Kislak Co. Inc. represented the seller,
partnering with Ten-X to facilitate an
online managed bid auction.
RETAIL
DEVIMY EQUITIES sold Morris
Marketplace, an 85,513-square-foot
property at 191 East Hanover Ave.
in Morris Township, to Last Mile
Investments. Marcus & Millichap’s
Brad Nathanson and JP Colussi
represented the seller.
A private investor acquired
Ridgemont Shopping Center, a
71,650-square-foot property at 169-199
Kinderkamack Road in Park Ridge,
for $17 million. Marcus & Millichap’s
Alan Cafi ero, David Cafi ero and John
Moroz worked alongside Bill Farkas
of Jeffery Realty to market the center
and procure the buyer.
ACE PICKLEBALL CLUB leased 26,500
square feet at Brunswick Shopping
Center, a 288,396-square-foot complex
at 498 Milltown Road in North
Brunswick. Fred Younkin of Levin
Management Corp. represented
ownership, while Marta Villa of CBRE
represented the tenant.
MANCHANDA GROUP acquired 2995
Kennedy Blvd., a 23,025-square-
foot building in Jersey City, for $13
million. EXP Realty’s Minni Chalana
brokered the sale.
GOODWILL INDUSTRIES OF SOUTHERN
NEW JERSEY AND PHILADELPHIA
leased 19,776 square feet at Fischer
Plaza, a 54,700-square-foot center
at 1001 Fischer Blvd. in Toms River.
Leor Hemo of Vantage Commercial
represented the tenant.
MRT 461 LLC sold 461 Route 17,
a 16,920-square-foot building
in Paramus, to Juskait Holding
Company LLC. The Goldstein Group’s
Lew Finkelstein, CJ Huter and Marc
Palestina represented the seller, while
Henry Song of Prominent Properties
Sotheby’s International Realty
represented the buyer.
ONYX EQUITIES sold 30-38 Oak
St., a 16,698-square-foot building
in Ridgewood, for $5.65 million.
Cushman & Wakefi eld’s Andrew
Schwartz, Jordan Sobel, Andre
Balthazard, Dan Bottiglieri and David
Bernhaut represented the seller.
A private investor acquired 411 Goffl e
Road, a 10,192-square-foot property in
Wyckoff, for $4.275 million. Marcus &
Millichap’s Alan Cafi ero, David Cafi ero
and John Moroz brokered the trade.
RITUAL FITNESS leased 3,206 square
feet at Allendale Town Center, a
79,374-square-foot shopping center at
49 West Allendale Ave. in Allendale.
Kevin Pelio of Azarian Realty Co.
brokered the deal.
A staffi ng agency leased 1,394
square feet at 168 Martin Luther
King Drive, a mixed-use building in
Jersey City. Cervelli Real Estate &
Property Management’s Chris Cervelli
represented ownership.
CLARK NJ HOLDINGS LLC leased 1005
Raritan Road in Clark to 7 Brew
Coffee. Atlantic Coastal Real Estate’s
Chris Conway represented the
landlord, while RIPCO Real Estate’s
™ 11
NASSER FRERES INKS $245 MILLION LOAN
IN JOURNAL SQUARE
N asser Freres has scored a $245
million construction loan to
complete a 622-unit apartment
tower in Jersey City, in a deal
arranged by Walker & Dunlop.
have access to amenities such as
a rooftop pool with Manhattan
skyline views, a high-end fi tness
center, immersive virtual reality
and sports rooms and communal
spaces.
According to the debt placement
team, TYKO Capital provided the
fi nancing for what will be known
as The Greyson at 25 Cottage St.
The developer will use the loan
proceeds to fund the balance of
the project, which broke ground
last summer in the historic Jour-
nal Square neighborhood and has
a nearly completed steel frame.
The New York-based Walker &
Dunlop team led by Keith Kurland,
Aaron Appel, Jonathan Schwartz,
Adam Schwartz, Jordan Casella
and William Herring represent-
ed Nasser Freres and identifi ed
TYKO Capital, which is backed by
Elliott Investment Management,
as the lender.
Plans also call for 44,551 square
feet of offi ce and 2,965 square feet
of retail space along the newly
extended Homestead Avenue,
plus a new public pathway linking
Newark Avenue and Pavonia Ave-
nue, according to a news release.
Both tenants and residents will be
minutes from the Journal Square
Transportation Center, which
provides PATH service to other
parts of New Jersey and to Lower
and Midtown Manhattan, as well
as cultural amenities such as the
planned Centre Pompidou and the
renovated Loew’s Jersey Theater.
“The Greyson will redefi ne luxury
living in Jersey City, appealing
to renters seeking exceptional
amenities and prime connectivity
as a high-value alternative to Man-
hattan,” said Michael Sokoloff, a
partner at Nasser Freres. “We are
thrilled to partner with Walker &
Dunlop and TYKO Capital on a
project that will not only enhance
the skyline but also contribute to
the vitality of the Journal Square
community.”
Occupying a 0.7-acre site, The
Greyson will have 389,720 square
feet of residential space with
homes ranging from studios to
three-bedroom units. Renters will
Rendering courtesy: Walker & Dunlop
Designed by Handel Architects, The
Greyson at 25 Cottage St. in Jersey
City will bring 622 apartments and
offi ce and retail space to the city’s
Journal Square section.
Jake Franzman, Jordan Cohn and
Clare Golz represented the tenant.
FINANCE
BANK OF AMERICA provided an
acquisition loan to the buyer of a
348-unit apartment property in West
New York, part of a $174 million
fi nancing and joint venture equity
package. Marcus & Millichap’s Marko
Kazanjian, Max Herzog, Andrew
Cohen and Max Hulsh sourced the
debt on the joint venture’s behalf.
An undisclosed lender provided
$30.5 million to Reynolds Asset
Management to refi nance The Mural,
a new 103-unit apartment building
at 606 Freeman St. in Orange. JLL’s
Thomas E. Didio Jr. and Max Custer
brokered the Fannie Mae-anchored
loan, which has a fi ve-year term,
while the fi rm worked alongside
Pensam’s Ray Cleeman to provide
preferred equity.
An insurance company provided a
$5.85 million loan to RC-Central Ave
Associates LLC to refi nance 550-
570 Central Ave., an 89,619-square-
foot industrial fl ex building in New
Providence. Cronheim Mortgage
arranged the debt on the borrower’s
behalf.
BAYPORT FUNDING originated a $1.675
million loan to refi nance an 11-unit
apartment building on Governor
Street in Paterson. RE