March 11, 2020
Parkview Financial provided a $56-million construction loan to CMT Developers, LLC for the development of Phase I of Jersey Walk, a Class A apartment community located at 901 E. Jersey St. in Elizabeth, NJ. The 5.41-acre development is on the site of the long-vacant former Elizabeth General Hospital.
“CMT Developers is an experienced firm with a track record of success in mitigating issues with challenging sites,” said Paul Rahimian, president and CEO of Parkview Financial. “The company’s plan demonstrates a commitment to delivering this infill site to its highest and best use.”
Located near the major intersection of Jersey Street and Spring Street, the site is within walking distance of the Citi Grocer, the Elizabeth Avenue business district, the Elizabeth Train Station and other public transit options, as well as a number of retail and dining amenities.
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