The sky lounge at Edison Lofts in West Orange — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners has secured new financing for its high-profile adaptive reuse project in West Orange, the site of more than 330 new homes and ground-floor retail space.
The firm said the permanent loan, which is for an undisclosed amount, comes amid sustained demand at what’s known as Edison Lofts at Edison Village. The Main Street project includes a collection of 300 units known as The Residences at Edison Lofts, which are housed in a repurposed, 100-year-old factory building once operated by Thomas Edison, and 34 homes built from the ground up known as The Mews at Edison Lofts.
The community recently hit the 80 percent leased mark, Prism said last week, as it announced the move from construction to permanent financing.
“Securing new financing and reaching another leasing milestone reflect sustained progress for Edison Lofts,” said Prism’s Edwin Cohen, principal partner with the Nutley-based firm. “As the spring season ramps up, so are leasing inquiries. This includes an uptick in interest from New York City renters seeking an urban, walkable lifestyle at a more affordable price point.”
Edison Lofts includes floorplans ranging from studios to three-bedrooms, with high-end finishes and upscale amenities such as a fitness center, a heated indoor pool and a 12,000-square-foot rooftop lounge with views of the Manhattan skyline. Those offerings have helped lure renters to the property, Prism said, noting that many are working remotely in some capacity and will likely continue with a hybrid schedule.
“Edison Lofts provides an ideal environment to achieve a work-life balance,” Cohen added. “A clear testament to the vibrant lifestyle here is reflected in the high level of leasing interest that stems from resident referrals.”
The Edison Lofts portion of the 21-acre Edison Village redevelopment also included the construction of a 630-space parking structure and 18,400 square feet of retail space. At build-out, Edison Village will incorporate additional housing options, including for-sale townhomes.