JV Secures $97M for New Jersey Property
JLL Capital Markets arranged financing for the transit-oriented development, which is located in an Opportunity Zone.
A joint venture of LeCesse Development Corp. and MAS Development Group has secured $97.3 million in financing for Vinty, a mixed-use development in Elizabeth, N.J. The financing for the 267-unit Class A apartment community delivered last year was arranged by JLL Capital Markets. The firm secured a two-year, senior floating-rate loan through an entity managed by Argentic Investment Management LLC.
Vinty features studio, one- and two-bedroom units, as well as 32,272 square feet of ground-floor retail and commercial space. Features and finishes of apartments include in-unit washers and dryers, wood-style plank flooring, spacious walk-in closets, quartz countertops and stainless-steel appliances. An outdoor summer kitchen is among the common-area amenities of Vinty. Commercial spaces will be occupied in part by a Northfield Bank branch and a 3,315-square-foot sous vide food hall.
Bearing an address at 100 Union St., Vinty is situated within an Opportunity Zone. The location is directly across the street from the Elizabeth Station of New Jersey Transit. A pair of New Jersey Transit lines, the Northeast Corridor and the North Jersey Coast Line, come together in Elizabeth, enabling excellent access to primary job centers in New Jersey and Manhattan.
The apartment community places residents within steps of downtown Elizabeth’s primary downtown corridors, Broad Street and Morris Avenue. Also walkable are nearby employment opportunities at Union County College, Trinitas Regional Medical Center, the Union County Courthouse and other job hubs. Westfield and Cranford, situated only four miles away, also offer inviting downtown areas with stories and dining.
The JLL Capital Markets debt advisory team was led by Senior Managing Directors Michael Klein and Steven Klein, Director Gerard Quinn and Analyst Benjamin Morgenthal. In March, Agave Holdings named JLL to manage the residential portion of The Plaza Coral Gables.