A project by Ramani Group is slated to bring 266 apartments and 10,000 square feet of ground-floor retail space to a site at 401 East 3rd St. in Plainfield. — Rendering courtesy: Invictus Real Estate Partners
By Joshua Burd
Ramani Group has closed on a $60 million construction loan from Invictus Real Estate Partners for a planned 266-unit apartment building in downtown Plainfield.
According to the lender, which originated the debt with its capital partners, the financing supports a project that also includes 10,000 square feet of ground-floor retail space. The investment at 401 East 3rd St. marks the second phase of a master-planned development, where existing residents are less than a half-mile from NJ Transit’s Plainfield station.
Cushman & Wakefield’s Brian Anderson arranged the financing on Ramani Group’s behalf.
“This transaction highlights our commitment to supporting quality sponsors navigating today’s complex market,” said Eric Scheffler, co-founder and managing partner of New York-based Invictus. “The project’s prime location and the sponsor’s expertise made this an exceptional opportunity.”
In a news release, the real estate private equity firm said the project will have amenities such as an outdoor lounge, a golf simulator, a fitness center, a pool and a pickleball court, among others.
“By providing flexible ground-up construction financing to developers like Ramani Group, Invictus continues to strengthen its presence in the regional multifamily market,” said Christopher Pardo, also a co-founder and managing partner. “We tailor financing solutions that go beyond typical bank loans to meet specific project needs.”
