S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Converted former Maidenform factory by developers Stern Capital &CSRGroup Redwood Realty brokers $32.1 million sale for Silk Lofts in Bayonne
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“Silk Lofts is a rare Gold Coast trophy asset with high quality amenities and a great
include a fitness center, herb garden, landscaped courtyard and secure on-site parking. In addition, the building is lo- cated just three blocks from the 22nd Street Light Rail station, which gives tenants an easy commute to both downtown Jersey City and Manhattan. The Silk Lofts redevelop- ment was on the leading edge of a building boom that is now well underway. “Bayonne is a hot residential market that is benefiting from a convenient commute into NYC and a more affordable housing market,” added Thomas McConnell, CCIM , managing partner at Redwood Realty. “Our team used their knowledge of the up-and-coming market to secure a buyer after the prop- erty was previously listed unsuccessfully for sale by two national firms.” Matovski represented both sides in the transaction, while Jeremy Wernick of Redwood co-rep- resented the buyer. n
A S B R O U C K HEIGHTS, NJ — Redwood Realty
location that also repre- s e n t e d a n a t t r a c t i v e value-add in- vestment op- portunity for the buyer,” said Steve Matovski , a
A d v i s o r s ha s f a c i l i - t a t e d t h e sale of the i coni c Si lk Lofts luxury a p a r tme n t property in B a y o n n e . The 85-unit
Steve Matovski
Jeremy Wernick
director at Redwood Realty. The property was acquired by AMS Acquisitions, a NewYork City-based real estate invest- ment firm. The firm plans to expand the property with 125 additional residential units by developing on the building’s existing surface parking lots. The luxury apartment prop- erty was converted from a former Maidenform factory in 2009 by developers Doug Stern of Stern Capital and Leon Cohen of CSR Group . The highly sought-after resi- dential property retains much
project traded for more than $375,000 per unit at a total purchase price of $32.1 mil- lion. HI-LIGHTS FEBRUARY 9 - 22, 2018 NKF Capital Markets announces sale of a 254,000 s/f Northern NJ industrial portfolio
Silk Lofts
of the original wood and brick detail and high ceiling heights and offers views of the New
York City skyline and Bayonne Bridge. Developers added a va- riety of modern amenities that
Anderson of Progress Capital negotiates sale of River Club site in Bogota for $17 million
BOGOTA, NJ — Kathy An- derson , managing partner of Progress Capital , on behalf of
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River Devel- opment , ne- gotiated the terms of the sale of 'The River Club'. The proposed development sits on the site of the for-
SPOTLIGHT CENTRAL NJ
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Kathy Anderson
mer Hess Oil Terminal and an adjacent parcel which was the former Sifford Pontiac site. The combined 13 acres is situated between West Fort Lee Rd. and the Hackensack River. "The site presented many challenges including ongoing environmental concerns from the former uses and entitle- ment hurdles that are inherent in a riverfront development. This project will transform Bogota's waterfront and create an exciting community," said Anderson.
The River Club
The River Club will feature five multifamily buildings including 421 luxury residen- tial apartments, clubhouse, secured parking, resort style pool, a riverwalk and retail. The project also addresses the need for COAH requirements and includes the development of 42 affordable units. Con- struction is slated to begin Spring 2018. Warren Waters of River
Development confirmed that the purchaser, Jonathan Stein of PCD Capital, LLC will be a great steward of this important development. Mike Bruno of Giordano, Halleran, Ciesla was the lead attorney repre- senting River Development throughout the approval and closing process. Chris Otteau of Otteau Realty Advisors represented the purchaser dur- ing the negotiations.
Progress Capital is one of the leading Commercial Mortgage Brokerage Firms specializing in arranging debt for commercial real estate owners, operators and developers. With 25 years of industry leading experi- ence, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible cus- tom financing solutions. n
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