Plans for The Lincoln at 415 Highland Ave. in Orange call for a mix of studio, one-bedroom and two-bedroom homes as part of a project developed by PEEK Properties and Circle Squared Alternative Investments. — Courtesy: PEEK
By Joshua Burd
PEEK Properties and Circle Squared Alternative Investments have snagged $20.5 million in financing for a planned 102-unit multifamily development in Orange, the firms announced.
Provided by Amboy Bank, the construction and permanent loans will support what’s known as The Lincoln at 415 Highland Ave. The borrowers say the project is shovel-ready and slated for completion next spring, noting that it’s part of PEEK’s fast-growing apartment portfolio in the city and will rise next to its recently delivered, 138-unit property known as The Highland.
George Gnad, president of Lenders Capital Realty Services, secured both the equity and debt on behalf of the joint venture partners. Amboy Bank originated the construction loan and permanent financing for a 24-month term and 10-year-from-conversion rate, respectively.
“Since its inception, PEEK has been passionate about all that Orange has to offer and its competitive geographic positioning, which has been the catalyst for revitalization and the city’s eventual rebirth,” said Emanuel Klein, a managing partner and co-founder of the firm. “Our philosophy for development, ownership and management of newly constructed multifamily living options for future tenants and existing residents remains stronger than ever and we are pleased to be a part of the city’s much-deserved renaissance as a vibrant, affordable live-work East Essex hub.”
PEEK noted that The Lincoln marks its fifth multifamily redevelopment in Orange and its fourth using the Qualified Opportunity Fund structure, which provides longer-term investors with favorable tax treatment under the federal Opportunity Zone program. The project at the corner of Highland and Lincoln avenues is also the firm’s latest high-end addition to the city’s expanding housing stock, following its Orange Crossing redevelopment downtown.
The developer and Circle Squared previously partnered to build The Highland.
“Because we plan, build, finance and manage our own apartment-rental buildings — from inception to lease up and long-term operations — PEEK adds value to every project, across every neighborhood in which we own properties,” PEEK Managing Partner and Co-Founder Phillip J. Evanski said. “We build with the highest-quality materials, utilizing sound-reduction methods, to ensure our apartment buildings are sustainable over the long term and enhance the quality of life for all in the surrounding neighborhoods.”
Preapproved in 2022, The Lincoln will have a mix of studio, one-bedroom and two-bedroom homes with 97 on-site parking spaces, PEEK said. Inglese Architects and Engineering designed the project, while PEEK Builders is the general contractor.
“As PEEK’s joint-venture partner for the transit-oriented Highland Avenue developments — The HIGHLAND and now The LINCOLN — we are pleased to share in their vision for urban-focused housing that makes a difference for the community at large while leveraging the assets of a satellite city like Orange,” said Jeff Sica, founder of Circle Squared, who noted that its investments have multitiered components such as convenience, amenities, affordability and mixed-space uses.
“While this neighborhood has a long-established and rich history as the former Colgate family estate, it possesses the core components that are the foundation for our investment platform,” he added. “With Highland Station just one block away, The Lincoln connects to immediate-area amenities such as Orange’s food-scene restaurants near Seven Oaks Park and the Valley Arts District and proximity to Orange’s local business district as well as those in South Orange, East Orange, Newark and Montclair.”