Plans for Morristown Station call for an 89-unit luxury apartment building on a parcel bounded by Lumber Street, Lackawanna Place and Lafayette Avenue. — Rendering by MHS Architecture / Courtesy: CBRE
By Joshua Burd
A developer has landed a $40 million construction loan for a planned 89-unit luxury apartment building next to NJ Transit’s Morristown station, in a newly announced deal by CBRE.
Brokers say the financing, provided by Truist Bank, advances a project that will include 76 market-rate and 13 affordable housing units, along with some 5,111 square feet of ground-floor retail space. The five-story building could soon rise on the triangular parcel bounded by Lumber Street, Lackawanna Place and Lafayette Avenue — just east of the train station — in a development that is years in the making.
CBRE’s Matthew Pizzolato and Josh Stein represented the borrower, Lackawanna Place Morristown Urban Renewal LLC, which is working alongside a design team with MHS Architecture.
“Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing in Morristown,” Pizzolato said. “By partnering with Truist Bank, we were able to structure a construction financing solution that supports the sponsors’ vision while positioning the project to set a new benchmark for multifamily development in the market.”
In a news release, CBRE said plans call for 74 percent of the homes to be two-bedroom units, while the balance will consist of studio and one-bedroom layouts. Its location alongside the Morristown station will provide residents with convenient regional connectivity and access to the area’s amenities, retail and dining, the firm added, as local officials continue plans to redevelop the area around the transit hub.
