A rendering of Harrison Yards, a two-phase 1,103-unit multifamily development in Harrison by Eastone Equities — Courtesy: JLL
By Joshua Burd
A developer is nearing completion of 205 apartments in Harrison and is preparing to build another 898 units nearby, having secured nearly $90 million in financing for the project.
According to JLL, which arranged the transaction, Eastone Equities will use the funds to complete phase one and for predevelopment of the second phase at 700 Frank E. Rodgers Blvd. Invictus Real Estate Partners LLC is providing the $89.5 million loan for what’s known as Harrison Yards, a mixed-use project along the town’s redeveloped waterfront.
JLL managing directors Scott Aiese and Peter Rotchford, Vice President Alex Staikos and Analyst Brendan Collins sourced the loan on behalf of the borrower.
“Harrison Yards will be a cornerstone of Harrison, NJ, located outside the PATH station and benefiting from the immediate transit connectivity,” Aiese said. “Capital markets participants were excited by the luxury quality of phase one, including expansive windows offering city views, oversized units, over (nine-foot) ceiling heights and a full amenity package.”
In a news release, JLL noted that the 205-unit first phase features a resident lounge, a rooftop terrace and a fitness center, along with 215 parking spaces and 7,670 square feet of retail space. Eastone Equities has secured approvals for phase two to build an additional 898 apartments, 204,709 square feet of commercial space, a 200-key hotel and 1,350 additional parking spaces.
“We are happy to work with Eastone Equities to capitalize the Harrison Yards project,” Eric Scheffler of Invictus said. “It is the centerpiece project of the Harrison, NJ redevelopment, which offers newly constructed, luxury-amenitized apartments and retail, adjacent to the PATH Station, at a material discount to Jersey City.”
Cole Schotz PC represented the lender.