Garden State Residential TODs Receive $43.5M Financing
- Oct 29, 2015
East Orange, N.J.—Cushman & Wakefield has completed $43.5 million in financing for a pair of two residential and mixed-use buildings located at 141 and 315 South Harrison St. in East Orange, N.J.
The firm worked on behalf of the properties’ owner and borrower Blackstone 360, a Newark, N.J.-based development firm headed by president & CEO S. Airaj Hasan.
Cushman & Wakefield’s East Rutherford, N.J.-based Capital Services team, consisting of George Gnad, Jessica Ke and Michael Winters, secured the financing from Amboy Bank.
The firm’s Capital Services team arranged a $19.5 million loan for the 105-unit residential high-rise located at 141 South Harrison, as well as an additional $24 million construction loan for a proposed seven-story project of 150 luxury apartments above the current 30,000 square feet of ground-level commercial space located at 315 South Harrison. According to Cushman & Wakefield, these deals reflect the continued strength of the Garden State’s residential market.
“The residential market in general continues to be very strong,” Gnad said in prepared remarks. “Amboy Bank was very interested in starting a relationship with Blackstone 360, which, under Airaj Hasan’s leadership, is literally breathing new life into East Orange–and other urban centers–with these kinds of projects.”
The two East Orange multifamily properties are conveniently located in a transit-oriented area, near the Brick Church New Jersey Transit Station.
“In general, lenders are very keen on getting involved with transit-oriented residential projects, the kind that continues to attract both the younger generation entering the workforce as well as empty-nesters,” Gnad added.
Over the past five years, Blackstone 360 has been at the forefront in modernizing and rehabilitating East Orange. So far, the company has invested more than $60 million into the construction of mixed-use projects along the South Harrison Street corridor, creating a residential living community in this area.
Cushman & Wakefield successfully completed its merger with DTZ on September 1, 2015. The firm, which now operates under the iconic Cushman & Wakefield brand, is led by Chairman & CEO Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
Image courtesy of Cushman & Wakefield