Plans for Soho Park Residences at 116 Harrison St. in Nutley call for luxury one- and two-bedroom apartments for renters 55 and older, plus amenities such as a high-end fitness and wellness center, a library, a sun deck with a pool and a sleek resident clubroom, among others. — Rendering courtesy: JLL
By Joshua Burd
A developer has secured a nearly $30 million construction loan for an 85-unit, age-restricted residential project in Nutley, brokers with JLL announced Thursday.
According to the debt placement team, Kearny Bank provided the 2.5-year, floating-rate financing to Rock Solid Builders Inc. for the development at 116 Harrison St. Construction is slated to conclude in spring 2027, JLL said, noting that the three-story Soho Park Residences will have a mix of luxury one- and two-bedroom homes for renters 55 and older, plus amenities such as a high-end fitness and wellness center, a library, a sun deck with a pool and a sleek resident clubroom.
“This development addresses the growing need for luxury rental housing among the maturing population in Essex County, particularly as township residents become empty nesters and seek to escape the responsibilities of homeownership while remaining close to family,” said Thomas E. Didio Jr., a managing director with JLL’s Morristown-based capital markets team.
Didio, Director Gerard Quinn, Associate Michael Mataras and Analyst Michael Donohoe sourced the $29.5 million loan on the borrower’s behalf. They noted that Soho Park Residences will also have a concrete parking podium with 148 garage parking spaces, while renters will be steps from downtown Nutley and minutes from the Garden State Pkwy and routes 3 and 21.
“JLL is grateful to have played a small role in this exciting project,” Quinn said. “We’re thrilled to witness Rock Solid Builders deliver what promises to be an exceptional luxury development that will serve the Nutley community for years to come.”
The firm added that the property benefits from strong local demographics, noting that 37.6 percent of Nutley residents are over 50. The development will also benefit from a payment in lieu of taxes agreement with the municipality that will support stronger financial performance.
“Development isn’t about square footage — it’s about social footprint,” said Vitali Feldman, president of Rock Solid Builders. “Our work shapes place, purpose and people’s lives.”
