A development site at The Station at Lyndhurst at 120 Chubb Ave. in Lyndhurst — Courtesy: HFF
By Joshua Burd
A developer is moving forward with the next piece of a luxury multifamily complex in the Meadowlands, HFF announced, after securing a $40 million construction loan for the project.
Working on behalf of J.G. Petrucci Co. Inc., HFF arranged the financing for the 218-unit project known as The Winston, the next phase of The Station at Lyndhurst at 120 Chubb Ave. Provident Bank and Lakeland Bank provided the financing.
The project will add to the existing 192 units completed in 2014, HFF said. The firm previously assisted Petrucci in sourcing a construction/permanent loan for the development of that phase.
The HFF debt placement team was led by Senior Managing Director Jon Mikula.
“There continues to be demand for suburban luxury multifamily housing that is strategically located near transit and highway access,” Mikula said in a prepared statement. “The success of the first phase of Station at Lyndhurst is evidence of this dynamic and Phase II will undoubtedly be the same.”
The Winston is due for completion in early 2018 and will consist of a four-story, podium-style building above structured parking, HFF said in a news release. Units will feature similar amenities as The Station at Lyndhurst with common area amenities, including views of the Manhattan skyline, a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service.