November 9, 2018
Madison Realty Capital has closed a $67.5-million loan collateralized by a 205-unit multifamily development project and an adjacent development site approved for 435 multifamily units in Harrison, NJ.
The loan facility allows the borrower, a partnership of Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the project’s first phase.
The two sites are adjacent to the PATH train station, recently reopened after a $35-million renovation and expansion. Harrison’s direct transportation access to both Newark and New York has helped establish it as a development hot spot.
Against a time-is-of-the-essence timeframe, “The deal was done within three weeks from start to finish,” said MRC’s Joshua Zegen. “We believe that combination of the strong Harrison multifamily market and the development team’s experience will make the project successful. We also like the risk mitigation associated with the amount of construction and site work that is already done.”
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