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$48M Refinancing Secured For Senior Living Communities In NY/NJ $48M Refinancing Secured For Senior Living Communities In NY/NJ
$48M Refinancing Secured For Senior Living Communities In NY/NJ A $48 million refinancing has been arranged for two Class A senior housing communities located in Bergen County, NJ, and Rockland County, NY, the real estate firm said. The deal includes The Chelsea at Washington Township, located at 620 Pascack Road in Washington Township, and The Chelsea at New City, located at 269 North Main Street in New City, JLL Capital Markets said. JLL’s Seniors Housing Debt Advisory team worked on behalf of the borrower, Bain Capital Real Estate and Capitol Seniors Housing, to place a three-year, floating-rate loan with a large regional bank, according to the relea…

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by Cecilia Levine
Real Estate
$80M Deal Secured For NJ Luxury Apartment Complex $80M Deal Secured For NJ Luxury Apartment Complex
$80M Deal Secured For NJ Luxury Apartment Complex A major real estate deal was finalized in Essex County as JLL Capital Markets announced it secured an $80 million sale and $56 million acquisition financing for a luxury apartment community, the firm announced. The transaction involves the 232-unit SilverLake Apartments at 155 and 165 Belmont Ave. in Belleville, Essex County, according to JLL. SilverLake Apartments sits just steps from the SilverLake Light Rail Station, giving residents a 15-minute ride to Newark Penn Station and a 40-minute commute to New York Penn Station, JLL said. The property also offers quick access to Route 21, Inter…

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by Cecilia Levine
Real Estate
$13.5M Refinance Secured For Millburn Village Shopping Center In Vauxhall $13.5M Refinance Secured For Millburn Village Shopping Center In Vauxhall
$13.5M Refinance Secured For Millburn Village Shopping Center In Vauxhall A $13.5 million refinancing has been arranged for Millburn Village, a shopping center located in Vauxhall, according to JLL Capital Markets. The 71,177-square-foot retail center, located at 2933 Vauxhall Rd., sits just off Route 78 and serves a trade area of more than 1.7 million residents within a five-mile radius. JLL represented Lightstone in securing a three-year, fixed-rate loan through Ameritas Investment Corporation, the firm said. Millburn Village was acquired by Lightstone in 2003 and has maintained consistently high occupancy over the past five years, according to JLL. T…

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by Cecilia Levine
Real Estate
Abu Dhabi-Based Developer Brings 800-Unit Waterfront Tower To Jersey City Abu Dhabi-Based Developer Brings 800-Unit Waterfront Tower To Jersey City
Abu Dhabi-Based Developer Brings 800-Unit Waterfront Tower To Jersey City One of the last prime waterfront sites in downtown Jersey City will soon be home to a 54-story luxury residential tower, developers announced. Modon Holding PSC, an Abu Dhabi–based international real estate company, announced last month that it has formed a joint venture to deliver Harborside 4, a high-rise development planned for Jersey City’s waterfront, minutes from Manhattan via PATH trains and ferry service. The joint venture includes Modon, which will hold a majority stake, along with U.S.-based Related Companies and long-established local developer Panepinto Properties, the rele…

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by Cecilia Levine
Real Estate
Home Listings Post Biggest Monthly Drop Since 2023 As Sellers Retreat, Data Shows Home Listings Post Biggest Monthly Drop Since 2023 As Sellers Retreat, Data Shows
Home Listings Post Biggest Monthly Drop Since 2023 As Sellers Retreat, Data Shows Homeowners are stepping back from the real estate market as demand shrinks and homes take longer to sell, according to new data. Active listings fell 1.4% from October to November, Redfin said on Monday, Dec. 22. That's the biggest monthly drop since June 2023 on a seasonally adjusted basis, according to the real estate website. New listings dropped 2.2% over the same period, falling to their lowest level since April 2024. Pending home sales fell 2.5% month over month in November, the largest decline since December 2024. The typical home that sold in November went for 1.6% less than i…

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by Chris Spiker
Real Estate
$47.5M Refinancing Deal Announced For NJ Luxury Apartments $47.5M Refinancing Deal Announced For NJ Luxury Apartments
$47.5M Refinancing Deal Announced For NJ Luxury Apartments A newly built luxury apartment complex in Central Jersey just landed a $47.5 million refinancing deal, underscoring continued demand for high-end rentals. JLL Capital Markets announced it secured the financing for Camelot West at Townelake in Sayreville, a newly delivered 176-unit luxury multifamily community located at 5105 Brown Road, according to the firm. JLL worked on behalf of the borrower, Kaplan Companies, to arrange the five-year, fixed-rate loan through a regional bank, officials said. The community offers access to public transportation and major highways, including the Gard…

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by Cecilia Levine
Real Estate
Anheuser-Busch To Sell Newark Brewery, Remove Iconic Sign After 75 Years Anheuser-Busch To Sell Newark Brewery, Remove Iconic Sign After 75 Years
Anheuser-Busch To Sell Newark Brewery, Remove Iconic Sign After 75 Years After standing over Newark for 75 years, the iconic Anheuser-Busch sign will come down as the company sells its Newark brewery as part of a nationwide restructuring, officials said. Anheuser-Busch announced it will sell its Newark manufacturing facility to the Goodman Group and shift production to other U.S. facilities, a move that also marks the end of the longtime sign that has been a fixture along the city’s skyline for generations, the company said. An Anheuser-Busch spokesperson said the company has invested nearly $2 billion over the past five years to modernize its U.S. manufacturing…

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by Cecilia Levine
Real Estate
60-Unit Development Breaks Ground At Historic NJ Site 60-Unit Development Breaks Ground At Historic NJ Site
60-Unit Development Breaks Ground At Historic NJ Site Construction has officially begun on The Vantage, a four-story mixed-use development rising at a historic site in Westfield. The project at 112 Ferris Pl. will bring 60 rental residences, including nine affordable housing units, above an underground parking garage with ground-floor retail space, the developer announced. The first residents are expected to move in during early 2027. The start of construction was marked by a ceremonial groundbreaking attended by Westfield Mayor Shelley Brindle, members of the Town Council, former municipal officials, and other stakeholders, Vango Development …

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by Cecilia Levine
Real Estate
$27.9M Lowe’s-Anchored Retail Center In North Jersey Changes Hands $27.9M Lowe’s-Anchored Retail Center In North Jersey Changes Hands
$27.9M Lowe’s-Anchored Retail Center In North Jersey Changes Hands A fully leased retail portfolio anchored by Lowe’s in a North Jersey town has been sold for $27.9 million, JLL Capital Markets announced.  The sale involved The Gardens Portfolio, a major Mount Olive shopping center off four state highways that ranks among the most-visited retail destinations in New Jersey. JLL represented the seller, RIVANI. The Gardens Portfolio includes eight properties across seven pad sites totaling 32,493 square feet, along with a single-tenant Lowe’s on 135,039 square feet, JLL said.  The mix features five ground leases and four net leases with n…

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by Cecilia Levine
Real Estate
Long-Awaited Redevelopment Near Bergen County Train Station Moves Forward Long-Awaited Redevelopment Near Bergen County Train Station Moves Forward
Long-Awaited Redevelopment Near Bergen County Train Station Moves Forward A long-awaited redevelopment next to a Bergen County train station is finally on the move.  Construction is expected to begin soon on a massive project bringing new housing, retail and a Sprouts Farmers Market to 22-01 Fair Lawn Avenue at Plaza Road in Fair Lawn's Radburn section. The project, called Plaza Greene, received full site plan approval earlier this year, according to planning documents filed with the Borough of Fair Lawn.  Radburn Train Station Redevelopment Rendering Minno & Wasko Architects and Planners The plan calls for 145 age-restricted residential un…

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by Cecilia Levine
Real Estate
$40.8M Luxury Apartment Deal Closes In West Orange, With New Loan To Match: JLL $40.8M Luxury Apartment Deal Closes In West Orange, With New Loan To Match: JLL
$40.8M Luxury Apartment Deal Closes In West Orange, With New Loan To Match: JLL A luxury multifamily community in North Jersey has changed hands in a $40.8 million sale, along with $27.5 million in acquisition financing, JLL Capital Markets said Wednesday, Dec. 3. JLL said it arranged both sides of the deal for The West, a 70-unit property at 555 Northfield Ave., in West Orange. The firm represented the seller, a joint venture between Varma Real Estate and Garas Development, and also represented the buyer, a joint venture between Invel Capital and Pearlmark Real Estate. JLL said the loan was secured through a life insurance company. Built in 2023, The West features one…

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by Cecilia Levine
Real Estate
100-Year-Old Bergen County Retail Center Sells For $7.35M 100-Year-Old Bergen County Retail Center Sells For $7.35M
100-Year-Old Bergen County Retail Center Sells For $7.35M A 100-year-old retail center in Bergen County has been sold for $7.35 million, a commercial real estate firm announced. The 22,000-square-foot center, Union Avenue Retail Center, located at 308–314 Union Ave., spans 21,897 square feet and includes seven single-story units, according to a Nov. 21 release from Marcus & Millichap. The property was built in 1925 and renovated in 2019 on a 1.9-acre parcel, according to the firm. “Stabilized retail centers in Bergen County consistently achieve significant investor demand,” said Alan Cafiero, senior managing director investment at Marcus …

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by Cecilia Levine