June 26, 2019
A joint venture of Prism Capital Partners and Northwestern Mutual Insurance Company recently completed the purchase of a five-acre redevelopment parcel at the corner of Rahway Avenue and Green Street in Woodbridge, NJ.
As operating partner, Prism will transform the former Lucas Chevrolet dealership site into a mixed-use, transit-oriented community with 232 apartments and 12,000 square feet of retail. Demolition work is slated to begin next month.
“The demand for transit-oriented multifamily remains robust in New Jersey, and this property is ideally situated for luxury, fully amenitized apartment homes,” said Prism’s Eugene Diaz.
Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd orchestrated the JV purchase, with Northwestern Mutual also serving as construction lender.
Prism and Northwestern Mutual “both saw the opportunity to create a unique mixed-use project to be located in one of Northern New Jersey’s more transformative towns,” said Merin.
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