12B — March 2025 — Best of 2024 — M id A tlantic Real Estate Journal www.marej.com The MOST UNIQUE FINANCIAL DEAL of 2024 Northmarq CityLine East & West Apartments Jersey City, NJ Valley Bank Princeton Nurseries Loan Plainsboro, NJ JLL Capital Markets Charlie Hoboken, NJ
Daniel Buonocore
Financier: Daniel Buonocore, Vice President, CRE-NJ Relationship Manager Size of property: 271 Acres Location: Former Princeton Nurseries site, located along US Route 1, South Brunswick and Seminary Drive & College Road West, Plainsboro, Middlesex County, NJ. Daniel Buonocore, Vice President with Valley Bank, spearheaded the acquisition loan for the purchase of the historic 271-acre Princeton Nurseries site. Once the largest commercial nursery in the U.S. before relocating to Allentown, NJ in 1995, this site is now poised for a transformative mixed-use, residential, and commercial development. The project is set to stimulate significant economic growth while preserving environmentally sensitive areas, making it a landmark initiative in the region. The purchaser, a joint venture of three seasoned and longstanding clients of Valley Bank, underscores the trust and collaboration that made this unique deal possible.
Institution: LCOR, Inc. Financier: KKR Size of property: 386 Units
Institution: The PRC Group Size of property: 242,380 SF
Northmarq’s John Banas and Kris Wood arranged financing for the CityLine East and West multifamily housing properties on behalf of their client, The PRC Group. Northmarq secured a fixed rate senior loan along with a fixed rate mezzanine loan (full-term interest-only) for the properties. Both loans are three-year terms, with the senior loan having one year of interest only and then moving to a 30-year amortization. “The financing for CityLine East and West was all about relationships. The relationship between PRC, our Northmarq team and both lenders led to a great transaction,” said Banas.
JLL worked on behalf of the borrower to arrange the financing of Charlie is a 27-story, luxury mixed-use residential tower under construction and scheduled for completion in 2026. The development includes 386 units with an average size of 698 s/f, offering studios, junior one-, one-, two- and three-bedroom options. Units feature SmartRent controls for HVAC, along with top-tier amenities like a concierge service, fitness center and large rooftop deck with a pool. This project is also part of a public/private initiative to improve the Hoboken train station area and will receive NJ Aspire Tax Credits.
The TOP FINANCIAL DEALS of 2024 JLL Ivy & Green Hackensack, NJ Cushman & Wakefield
Logan North Industrial Park – Phase III Logan Township, NJ
Brokerage Team: Cushman & Wakefield’s John Alascio, TJ Sullivan, Chuck Kohaut, Gary Gabriel and Kyle Schmidt Financier: Torchlight Cushman & Wakefield successfully facilitated the financing of Logan North Phase III, encompassing 750,012 s/f across three state-of-the-art industrial buildings and a 36.92-acre approved development site in Logan Township, NJ. Cushman & Wakefield represented the sellers, Greek REP and Advance Realty, as well as procuring the buyer, structuring a joint venture and achieving a sale price for the buildings and the development site. The transaction also included a 117,776 s/f lease. This complex deal exemplifies Cushman & Wakefield’s expertise in pivotal industrial investment sales and advisory services.
Size of property: 389 Units Institution: A joint venture between Hornrock Properties and GTIS Partners Financier: Northwestern Mutual Life Insurance Company JLL worked on behalf of the borrower to arrange the financing for Ivy and Green. Completed in two phases in 2023 and 2024, the property consists of two luxury apartment buildings featuring 221 and 168 units. Units are offered in studio, one-bed and two-bedroom layouts and feature luxury finishes such as nine-foot ceilings, plank flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers and balconies in select units. Amenities include concierge services, an outdoor pool and sundeck, fitness center and yoga studio, co-working spaces, resident lounge, theater and music studio, pet spa, bike storage and EV charging stations.
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