Advance Realty and DeBartolo Development have landed $70 million in financing for a recently completed, 286-unit apartment project in Harrison, in a deal arranged by brokers with HFF.
A joint venture has debuted a new 280-unit apartment building in Harrison, the latest piece of a fast-growing neighborhood along the town’s former industrial waterfront.
The state’s booming multifamily sector has been on display in recent weeks as developers and property managers celebrate their newest awards from the New Jersey Apartment Association.
One of Harrison’s newest luxury rental buildings is quickly approaching full occupancy, having leased 75 percent of its apartments less than a year after opening.
Advance Realty and DeBartolo Development have started demolition at the aging, indoor retail complex along Route 10 in Roxbury, paving the way for a sweeping redevelopment of the property. When complete, the site will be home to a modern, 450,000-square foot power center with a mix of open-air spaces.
Developers have marked dual milestones in their effort to transform Harrison’s waterfront, breaking ground on one luxury residential project and touting the completion of another.
Developers have secured the local approvals needed to begin “de-malling” a mall in western Morris County, paving the way for them to reposition it as a new open-air shopping center.
Developers have taken the wraps off a new 286-unit rental community inspired by Harrison’s industrial past, the latest apartment building to come to the town’s waterfront redevelopment zone.