A rendering of Jersey Walk, a two-phase multifamily development at 901 East Jersey St. in Elizabeth — Courtesy: Parkview Financial
By Joshua Burd
A developer has secured a $56 million loan for its plan to build 274 apartments at the site of a former hospital in Elizabeth, under a newly completed transaction by Parkview Financial.
The direct private lender announced this week that it has provided construction financing to CMT Developers LLC, the firm behind the project known as Jersey Walk. The loan will support the first of two phases at 901 East Jersey St., the onetime home of Elizabeth General Hospital before it was vacated more than two decades ago.
Construction on phase one, which will span two six-story buildings, is underway and slated for completion by spring 2021.
“CMT Developers is an experienced firm with a track record of success in mitigating issues with challenging sites,” said Paul Rahimian, CEO and president. “As a result of smaller unit floorplans which average 683 (square feet), CMT will be able to provide residents with luxury multifamily units and superior amenities at a lower price point.”
Along with its 274 upscale apartments, phase one calls for 3,000 square feet of ground-floor retail space, Parkview said. On-site amenities will include an indoor pool, gym, conference area, business center and rooftop lounge, among other features.
The developer has also retained a 540-space, freestanding parking garage from the original hospital site that it will renovate and reopen.
Phase two is also slated to include two six-story buildings, but with 240 units. Rahimian noted that the submarket is seeing a high apartment occupancy rate of roughly 98 percent, demonstrating a high demand for multifamily housing.
