Page 57 - RE-NJ

PROJECT
UPDATES
LCOR CLOSES ON $155 MILLION
CONSTRUCTION LOAN IN HOBOKEN
LCOR has landed a $155 million
construction loan for its planned
386-unit apartment tower just west
of Hoboken Terminal, according to a
debt placement team with JLL.
Known as Charlie, the 27-story
building is slated to open in 2026
after breaking ground in January at
201 Observer Highway. It’s moving
ahead with the new fi ve-year fl oating-
rate loan from insurance accounts
managed by KKR, which JLL sourced
on LCOR’s behalf, in a key piece of
the long-awaited Hoboken Connect
project by the developer and NJ
Transit.
“This project is nearly 20 years in the
making, which further underscores
the value of new development next
to one of the busiest train stations
in the country,” said Jon Mikula, a
senior managing director with JLL’s
Morristown-based capital markets
team.
Mikula arranged the fi nancing
alongside fellow JLL Senior
Managing
Director Jim
Cadranell and
Vice President
Michael
Lachs. In a
news release,
they noted
that Charlie
Jon Mikula
will have
fl oorplans ranging from studios to
three-bedroom units, with modern
technology and amenities such as
a fi tness center and a large rooftop
deck with a pool.
Additional amenities will include
ACCORDIA PLANS Q3 START FOR
504,000 SQ. FT. ROXBURY COMPLEX
Accordia is eyeing a third-quarter
groundbreaking for more than
500,000 square feet of new industrial
space in Roxbury, having secured a
key approval from local offi cials.
In a news release, the fi rm said
Building A will have 10,990 square
feet of offi ce space, 58 loading docks,
four drive-in doors and parking for
96 trailers and 232 cars. Building B,
the smaller building, will have 7,100
Known as Parkview Business Center,
square feet of offi ce space, 34 loading
the development will occupy 106.48
docks, two drive-in doors and parking
acres just north of Interstate 80 and
for 49 trailers and 116 cars.
directly off Route 46, according to the
fi rm. Plans call for two buildings on
Jason Bogart, an Accordia
Lenel Road, one with 322,842 square
principal, noted that the rate of new
feet and another with 180,999 square
commercial real estate construction
feet.
in Morris County has slowed, but
demand for the space continues to be
“This announcement is the
robust.
culmination of
close to seven
“There’s more than 33.4 million
years of tireless
work behind
the scenes to
get this project
off the ground,”
said Greg
Wovna, senior
Greg Wovna
vice president
for development with Fairfi eld-based
Accordia. “We were fortunate to work
with a great team that included the
seller and the township offi cials, to
solve some almost insurmountable
challenges.”
™ 55
Plans for Hoboken Connect include a CetraRuddy-designed, 386-unit apartment
building at 201 Observer Highway — across from the Bloomfi eld and Washington Street
intersections — with 20 percent of the homes designated for lower-income renters.
coworking spaces, a pet spa and a
ground-fl oor park, JLL said. Plans
also call for sustainability features
such as green roofs, extensive
stormwater improvements and a
system consisting of 66 geothermal
wells with a maximum depth of 850
feet and electric heat pumps.
Residents, meantime, will be steps
from rail, bus and ferry service at
Hoboken Terminal, which is also
slated for a major update as part of
the Hoboken Connect project. LCOR
is also slated to build a new 21-story
offi ce building nearby, as well as
5,000 square feet of retail space.
“This is the type of large-scale
complex development at which
LCOR excels,” Cadranell said. “KKR
recognized the unique opportunity
and provided very competitive
fi nancing terms.”
square feet of industrial space in
Morris County
with a vacancy
rate still below
the tipping
point for new
construction,”
Bogart said.
“By the time the
existing new
construction
Jason Bogart
supply is absorbed, we will be
delivering Parkview Business Center
to the market.
“There are no new construction starts
in Morris County right now, and the
vast majority of industrial spaces in
Morris County — most of which are
light industrial or fl ex space — were
constructed between the 1960s and
1980s,” Bogart said. “At the market’s
current absorption rate, Parkview
Business Center is poised to be one
of the most in-demand industrial
properties in North Jersey.”
Parkview Business Center will be
just off Exit 28 of I-80 and off North
Frontage Road, which connects to
Route 46. The site is also minutes
from routes 206 and 10, creating
additional access points for
manufacturers, retailers and other
businesses that truck their goods
across New Jersey, into Pennsylvania
and New York and throughout the
United States.
“Location is key to a successful
industrial project, and the center has
the advantage of immediate highway
access that simplifi es logistics,”
Bogart said.
A development by Accordia will bring a two-building, 503,841-square-foot industrial park to Lenel Road in Roxbury.
Rendering courtesy: JLL
Rendering courtesy: Accordia