A rendering of 700 Frank E. Rodgers Blvd. in Harrison — Courtesy: Madison Realty Capital
By Joshua Burd
A joint venture has landed a $67.5 million loan to acquire a 205-unit multifamily project in Harrison and an adjacent development site that could house another 435 apartments.
Private equity firm Madison Realty Capital said Thursday that it closed the financing for developers Accordia Realty Ventures and Eastone Equities to acquire the sites on Frank E. Rodgers Boulevard. In addition to acquisition costs, the loan will allow the joint venture to finish construction of the 205-unit first phase, which is currently topped off and about 60 percent complete.
MRC said the sites’ previous owner began substantial construction and site work before the acquisition by Accordia and Eastone. The project, located at 700 Frank E. Rodgers Blvd., is slated to be complete by spring 2019.
“MRC’s internal development expertise helps us move quickly to serve borrower needs on the lending side,” said Josh Zegen, co-founder and managing principal of MRC. “In this case we were able to rapidly assess and underwrite the deal in order to deliver on a time-of-the-essence closing schedule.
“The deal was done within three weeks from start to finish. We believe that combination of the strong Harrison multifamily market and the development team’s experience will make the project successful. We also like the risk mitigation associated with the amount of construction and site work that is already done.”
The development team also includes Hollister Construction Services as general contractor, NK Architects as design architect, Studio 1200 as interior designer and The Marketing Directors as leasing and marketing agent. The properties sit adjacent to the newly rehabilitated Harrison PATH train station and are among the latest in a host of redevelopment projects in the town, under a plan that goes back two decades.