A rendering of Legacy Apartments at 751 Vose Ave. in Orange — Courtesy: LJ Reynolds Construction Co.
By Joshua Burd
Lee & Associates New Jersey has arranged a $12.5 million construction loan for a 51-unit multifamily project in Orange, the brokerage firm announced Monday.
The private developer, Kimble Wright, recently hosted a groundbreaking ceremony for the project at 751 Vose Ave., with completion slated for spring 2022. Parkview Financial is providing the loan for the collection of one- and two-bedroom apartments.
“We are gratified to have identified a quality construction lender and to have closed this financing transaction during COVID-19 pandemic,” said Gary Sopko of Lee & Associates New Jersey, who represented the borrower alongside Jerry Joseph. “Closing took longer than in typical markets, but Parkview Financial was an open-minded partner who saw the value on this ground-up luxury residential project with a committed, passionate developer.”
In a news release, the brokerage team noted that Wright is a former Newark school teacher and NFL player, who set out to develop the project as a legacy for his family and those he grew up around. The project, known as The Legacy, will be within walking distance of the Mountain Avenue train station and offer amenities such as a rooftop terrace, a second-floor fitness center and an on-site Zipcar.
LJ Reynolds Construction Co. is the general contractor for the project.
“As an educator, many of the students didn’t have or see any role models,” Wright said. “This new development is a way to give back. I’m hoping this project inspires a new generation of young African Americans to pursue a career in real estate development. I also want to advise them to redevelop their own communities. With the success of my project, I encourage financial institutions to give more African-Americans the opportunity to rebuild their communities.”
Parkview is a direct private lender based in Los Angeles.
“Parkview Financial sees this submarket as one that demonstrates resilient demand for apartments, as vacancies have tightened during the pandemic,” said Paul Rahimian, the firm’s CEO. “This increase in occupancy is likely a result of capturing renter outflow from New York City due to more people being able to work from home at least a portion of the time.”