PEEK Lands Construction Loan for New Jersey Community
- Nov 17, 2020
PEEK Properties has received $9.8 million in construction financing for Apex Orange Crossing, a 50-unit Class A property in the City of Orange, N.J. Meridian Capital and Bogota Savings Bank secured the loan. With site work underway, the property is one of PEEK’s three upcoming communities within qualified Opportunity Zones in the city.
The site is located at 276 Reock St., near the NJ Transit Orange station, within the city’s Reock Street Redevelopment Area. The property sits near Interstate 280 and the Main Street retail corridor. Central Newark, N.J. is 5 miles southeast, while Elizabeth, N.J. is within a 10-mile radius.
Development is slated to last 14 months, with leasing expected to be completed in the winter of 2022, said Emanuel Klein, managing partner at PEEK. The property is part of the company’s $59 million Orange Crossing development, to be implemented in three stages. The second stage, named Reock II, will encompass 99 units at 495 Day St., while Reock III is planned to create 91 units at 72 S. Essex Ave.
Apex Orange Crossing will offer studio, one-bedroom and two-bedroom market-rate units. Common-area amenities include a gym, car-charging stations and 40 parking spaces with automated parking system.
Earlier this year, a newly constructed luxury community within a qualified Opportunity Zone in New Jersey traded for $53 million. Golden Glades Capital Management purchased the 104-unit property in Jersey City, N.J.