24 Apr US$145.7 million provided for New Jersey multifamily development
Accurate Builders and Developers have received a US$145.7 million construction loan from Madison Realty Capital (MRC) for the construction of two multifamily and townhome projects in northern New Jersey. The loan will go toward the site acquisition and subsequent construction of 325 units at 100-120 Cherry Hill Road in Parsippany, as well as 220 units and 60 adjacent townhomes at 180-181 Mountainview Boulevard in the township of Basking Ridge. Accurate Builders purchased both sites last year and has obtained the approvals necessary to break ground on both projects, which are located about 18 miles from each other in suburban northeastern New Jersey. The Morrison’s 325 residences will be spread across two buildings, and it will offer studios and one-, two- and three-bedroom apartments; it will also have a parking garage for residents, as well as a courtyard, a pool, and ample recreation space.
The plans for The Morrison were reviewed as early as January 2020, before the pandemic, by the Parsippany-Troy Hills Planning Board, according to a report from the Parsippany Focus. Those plans called for both buildings to span more than 56,000 square feet, with the pair splitting the 325 proposed units, 20 percent of which would be designated as affordable. The proposal also outlined the inclusion of 608 parking spaces, with 268 being covered spaces situated at the ground level of each building and 340 spaces being surface parking. The Residences at Mountainview will be situated on a sizable 76-acre plot, offering a mix of studio, one-, two- and three-bedroom apartments, as well as townhomes with three-bedroom layouts; the townhomes will also include garages. The site will have a clubhouse, a swimming pool, a fitness center, an event room, and a lounge and game room.
Zegen, a co-founder and managing principal of MRC, said his company was “pleased” to lend on the construction of “Class A, residential properties in attractive, high-barrier-to-entry New Jersey markets.