www.marej.com M id A tlantic Real Estate Journal — The Best of 2022 — March 2023 — 19D The BEST DEVELOPERS UNDER CONSTRUCTION PROJECT of 2022 Prism Capital Partners The Nell Dunellen, NJ BG Capital The Financing Deal of 2201 E ALLEGHENY AVE. Diversified Properties Summit Court Union, NJ
Size: 170,117 SF
BG Capital and FreezPak Logistics newly formed joint- venture, BGFP International, breaks ground on a new construction 172,000 SF cold storage industrial facility in Philadelphia, PA. The total project cost is estimated at $93M and set to be delivered in Q4 of 2023. The New Jersey based cold storage operator, FreezPak Logistics, has committed to lease this facility for a 20-year term. The team at BG Capital worked extensively with Nuveen Green Capital and Ocean First Bank to close simultaneously on a construction to permanent financing package of $72.6M for the facility. The newly formed joint venture plans to expand their projects in port centric markets around the country.
Celebrating the near completion of the second phase of construction in 2022, Summit Court is a 396-unit luxury community designed around an upscale residential experience. Each of Summit Court’s residences offer the latest in modern apartment living including dramatic 9′ ceilings, private balconies, sleek kitchens with quartz countertops, stainless steel appliances, in-home washers/dryers, oversized showers with floor-to-ceiling tile and wood-inspired plank flooring as well as access to a full resort-style amenity package. Its amenities include a pool and sundeck surrounded by BBQ and dining areas, fire pits and lounge seating as well as fitness, cardio and strength center.
Prism in late 2022 put the finishing touches on and launched leasing for the first residential buildings at The Nell, its redevelopment of the former Art Color industrial facility in Dunellen. The Spiezle Architectural Group-designed luxury apartment and retail community – located directly across from the Dunellen Train Station and adjacent to a vibrant down- town – will include 252 one- and two-bedroom residences in six buildings. 2022 also saw two commercial leases for the property’s 9,300 SF retail component, with Blue Foundry Bank and Kessler Institute for Rehabilitation. The Nell’s clubhouse and additional residential buildings are on track for delivery by mid-2023.
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