Sterling JV Lands $67M for New Jersey Senior Community
PCCP provided the financing.
Sterling Properties and Danbro Properties have secured a $66.9 million loan for the development of Plaza Greene, a 145-unit, age-restricted and transit-oriented project in Fair Lawn, N.J. PCCP provided the note.
The community is already underway at 22-01 Fair Lawn Ave. The site used to house Dealz/RailYard, a dilapidated L-shape mall that was demolished in May, TAPinto reported. The Borough Council had designated the lot in need of redevelopment in 2020.
Plaza Greene will be adjacent to the Radburn NJ Transit train station, for which the team secured a public-access easement from NJ Transit, according to Yahoo! News. The property also has easy access to multiple routes and interstate routes, including Route 208, Route 4, Route 17 and Interstate 80. Downtown Manhattan is less than 20 miles away.
March Construction is the general contractor for the project, while Minno & Wasko Architects & Urban Planners provided architecture services. Completion is scheduled for 2027.
A senior community near Manhattan
Plaza Greene will feature 145 apartments catering to residents over 55, with 18 units to be set aside as affordable.
The four-story community will comprise studio, one- and two-bedroom units with stainless-steel appliances and walk-in closets. The wheelchair-accessible property will feature some top amenities such as a spa area, fitness and yoga studio, rooftop deck, sauna and cold plunge pool, golf simulator and underground parking.
Moreover, the development will include approximately 24,000 square feet of ground-floor retail space, anchored by a 22,300-square-foot Sprouts Farmers Market.
