A rendering of Prism Capital Partners’ planned mixed-use development in downtown Woodbridge, which calls for 232 luxury apartments and 12,000 square feet of retail space. — Courtesy: Prism Capital Partners
By Joshua Burd
A development team has closed on its purchase of a five-acre site in Woodbridge, where it now plans to build a mixed-use project anchored by more than 230 luxury apartments.
The firms, Prism Capital Partners and Northwestern Mutual Insurance Co., on Thursday announced their acquisition of the redevelopment parcel at Rahway Avenue and Green Street, the longtime home of an auto dealership. The developers are now pushing ahead with the fully approved project, with plans calling for 232 apartments and 12,000 square feet of retail space just steps from one of the township’s three train stations.
Prism will serve as the project’s operating partner. Terms were not disclosed.
“The demand for transit-oriented multifamily remains robust in New Jersey, and this property is ideally situated for luxury, fully amenitized apartment homes,” said Eugene Diaz, a principal partner with Bloomfield-based Prism. “We are pleased to start demolition work and anticipate construction of the building to begin this fall, following the completion of site work.”
Cushman & Wakefield’s New Jersey capital markets team arranged the joint venture purchase, in which Northwestern Mutual is also serving as construction lender, according to a news release. Andrew Merin led the transaction for C&W alongside team members David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd.
Prism noted that demolition at the former Lucas Chevrolet dealership site will begin in July.
“It is exciting to be part of arranging the partnership of one of the most creative, cutting-edge multifamily developers and a top-tier institutional investor,” Merin said. “They both saw the opportunity to create a unique mixed-use project to be located in one of Northern New Jersey’s more transformative towns.”