From left: Ryan Horvath, Adam Triglia, Eric Jeanette, Matthew Earl, Louis Reynolds, Orange Mayor Dwayne D. Warren, Laquana Best, Rey Aponte, Michael Frisse and Mammad Shahbazov were on hand May 23 to break ground on Reynolds Asset Management’s new 103-unit luxury apartment building at 606 Freeman St. in Orange. — Photo by Patti Hale at Chosen Moments Photography/Courtesy: Reynolds
By Joshua Burd
Reynolds Asset Management has broken ground in Orange on a project that will bring 103 new apartments to a site just west of the city’s Highland Avenue train station.
Located at 606 Freeman St., the development is repurposing a property that was once home to Orange Valley Hardware. Reynolds expects to deliver the new building by November 2023, in a project that would add to the municipality’s fast-growing stock of modern rental units.
“Breaking ground on this project is the first step in laying down roots here in Orange,” said Lou Reynolds, CEO of Reynolds Asset Management. “We’re thrilled to contribute to the vitality of this community with new housing, and we’re excited to continue fostering growth here in the future.”
Designed by DMR Architects, the project will comprise a mix of studio, one-bedroom and two-bedroom apartments with covered parking, according to a news release. Amenities will include a rooftop lounge and grill areas, a high-end fitness facility and a business center.
The developer joined its project team on May 23 for a groundbreaking ceremony with local officials, which also included the burying of a time capsule containing artifacts from Orange Valley Hardware. Reynolds also presented Valley Arts NJ with a $2,500 check to support community building and economic development for arts professionals in Orange’s Valley Arts district.
OceanFirst Bank provided $26 million in financing for the project, representing Reynolds’ largest construction loan to date. Lenders Capital Realty Services sourced the debt on the developer’s behalf.