JV Receives $55M Loan for New Jersey Project
Scheduled for completion in 2021, Vinty is a transit-oriented community with 267 apartments and 37,000 square feet of retail.
LeCesse Development Corp. and MAS Development Group have obtained a $55 million loan for the construction of a mixed-use development in Elizabeth, N.J. Dubbed Vinty, short for “Vintage City”, the building will be constructed on a nearly 2.5-acre site at Union and West Grand Streets across from the Elizabeth New Jersey Transit station and will include 267 units.
The loan was provided by Citizens Commercial Banking’s Commercial Real Estate Finance team. Citizens is Lead-Left Bank and Administrative Agent for this transaction. The bank helped refinance a portfolio of western U.S. multifamily properties in August.
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Vinty will feature 37,000 square feet of retail and office space topped by four floors of apartments, divided into 25 studio, 175 one-bedroom and 67 two-bedroom residences. A 274-space parking garage will also be included in the development.
Transit drives demand
“Citizens Bank had previously provided a land loan to the borrower for the site, having understood the strength of the market, depth of the unit and community amenities that will be developed,” Tim Leon, Citizens Bank executive vice president of commercial real estate for the Mid-Atlantic, Southeast and Southwest, told Multi-Housing News.
“The redevelopment of the NJ Transit train station, which provides direct service to Newark Liberty Airport, Newark Penn Station and the PATH to New York City, was considered to be a key demand driver factor for the site. Vinty will be a transformative project. And the market recognized this was a special development plan, curated over many years by MAS Development and LeCesse Development Corp.,” Leon added.
A swimming pool with hot tub and cabana seating tops the list of amenities at Vinty. Apartment features and finishes include in-unit washers and dryers, quartz countertops, stainless steel appliances, undermount sinks and walk-in closets.
The project is slated for completion in the first quarter of 2021.