Transit-Oriented Fair Lawn Multifamily Scores $67M Construction Loan
PCCP has provided a $66.85-million senior loan to Sterling Properties and Danbro Properties for the construction of Plaza Greene, a 145-unit, Class A, 55+ multifamily community with a ground-floor grocer in Fair Lawn, NJ. With the financing closed, demolition of an existing vacant retail building on the site has commenced, with construction completion expected in 2027.
Located at 22-01 Fair Lawn Ave., adjacent to an NJ Transit train station, Plaza Greene will be a four-story development featuring 145 residences, including 18 affordable units. The 24,000 square feet of retail space will be anchored by a 22,300-square-foot Sprouts Farmers Market.
“We believe Plaza Greene represents an attractive opportunity to finance a high-quality, grocery-anchored 55+ community in a supply-constrained market with strong demographic fundamentals,” said Lia Barsanti, SVP with PCCP. “Sterling and Danbro bring extensive experience developing multifamily communities throughout New Jersey, and we believe the project’s transit-oriented location, amenity package, and proximity to retail and services will resonate strongly with the area’s growing 55+ population.”
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout