O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section B
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RANGE, NJ — Gateway Merchant Banking (Gateway) 10-acre site to be the largest project in City of Orange history and among Essex County’s biggest Gateway revitalizes historic Orange Memorial Hospital site with $350M mixed-use redevelopment O
friendly destination centered around over an acre and a half of public space, including a host of public-facing ameni- ties, such as an outdoor ice skating/roller skating rink, a public plaza with an open lawn and swinging benches, terraced platform seating, a restaurant with outdoor seat- ing, children’s play areas and more. Residents will enjoy a plethora of private amenities, including a rooftop pool with cabanas and gardens, a sky lounge, fitness rooms, flexible event spaces, secure, access- controlled package rooms and ample parking spaces, includ- ing 200 electric vehicle charg- ing stations. Additionally, the redevelopment will include 70,190 s/f of retail and com- mercial space; while 25,000 s/f will be earmarked for munici- pal office space to be occupied by the City of Orange, Gateway intends to lease the remaining space to local businesses. In an effort to preserve as much as possible of the hospi- tal, which is on the State and
National Registry of Historic Places, two buildings will be preserved and transformed: Mary Austen Hall and the Old Boiler House. Notably, Mary Austen Hall, the last standing building of Orange Memorial’s nursing school – which was the first in the state of New Jersey and one of the first in the coun - try – will be the new home of Orange’s City Hall. “This is not just another real estate deal. As someone who lives minutes away and calls South Orange home, I understand the magnitude of this project, not only for the City of Orange but for Essex County and all of New Jersey,” said Terrence Murray , co- founder and managing partner at Gateway. “I am deeply com- mitted to making the redevel- opment of Orange Memorial Hospital a community-centric initiative. Every decision I’ve made, and continue to make, is with a clear focus on the impact this revitalization will have on the City’s current and future residents.” MAREJ clubroom, a pool, a fitness center with yoga studios and a sauna, a game room and multiple outdoor spaces, such as a terrace with a fire pit, park and walking trails. JLL Capital Market’s In - vestment and Sales Advisory team representing the seller was led by senior manag- ing directors Jose Cruz, Michael Oliver and Steve Simonelli and directors Elizabeth DeVesty and Austin Pierce . “This strategic acquisition un- derscores the sustained investor enthusiasm in well-positioned multifamily assets within the New Jersey area,” said Cruz. “The Forge at Glassworks’ ad- vantageous location, strong market fundamentals and pre- mium offerings position it as a sought-after asset in today’s competitive market.” MAREJ
Unlocking Capital For Development: The Power Of C-Pace Financing In A Tight Credit Market HI-LIGHTS FEBRUARY 2025 has announced plans to revital- ize 188 South Essex Ave., the site of the storied Orange Me- morial Hospital, following site plan approval from the City of Orange Twp. Planning Board. Construction of the more than $350 million phased redevelop- ment project is anticipated to begin later this year. “Not only was Orange Me- morial Hospital an important historical institution in the Orange community, it was also
188 South Essex Ave.
a statewide treasure. It was a leader in training opportunities for Black nurses and was the birthplace for leaders in every field. All eyes are on this trans - formational project as we anx- iously await its revitalization after closing two decades ago,” said City of Orange Mayor Dwayne Warren . “Gateway’s plans for the property demon- strate its understanding of the site’s historical significance and potential for the future. The final project will stimulate growth and become an integral ABERDEEN, NJ — JLL Capital Markets has arranged the $57 million sale of The Forge at Glassworks, a 170-unit luxury market-rate community located in Aber- deen, Monmouth County. JLL represented the seller, Ingerman Group , in ar- ranging the buyer, Beach- wold Residential . The Forge at Glassworks, located at 118 Glassworks Blvd., offers residents access to major regional employ- ment hubs and amenities. Positioned just one mile from Exit 120 of the Garden State Pkwy. and within close prox- imity to the NJ Transit’s Aberdeen-Matawan Station. Aberdeen Twp. has a popu- lation of 20,000, with an average household income of $142,987. Notably, 74% of residents are white-collar
part of the residential and com- mercial life of our city.” Located in the Central Or- ange Redevelopment Plan Area, a 30-minute direct train commute to Manhattan, the LEED silver-standard-con- structed property will encom- pass 1,005 apartments – up to 20% of which will be affordable housing units. Gateway is also pursuing strategic partner- ships to bring senior and stu- dent housing to the site. Gateway’s team has rei- magined the site as a family-
JLL Capital Markets arranges sale of luxury townhome community in Monmouth County Beachwold Residential acquires The Forge at Glassworks in Aberdeen, NJ for $57 million
Stephen Arrivello, managing director at PACE Equity LLC
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SPOTLIGHT
Property Management
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ALSO INSIDE
The Forge at Glassworks
professionals. Monmouth County, home to over 646,000, is recognized for its scenic coastline, strong commercial presence and highly edu- cated population, with 51% of residents holding a bachelor’s degree or higher. Built in 2017, The Forge at Glassworks is a garden-style,
market-rate multi-housing community featuring one- and two-bedroom apartments as well as three-bedroom townhome units. The aver- age unit size is 1,077 s/f. Currently, it boasts an im- pressive occupancy rate of 98.2%. Community amenities include a resident lobby and
Marcy Gross, Sheldon Gross Realty....3B Hartz Mountain.............5B Crystal Window & Door Systems......................... 7B People on the Move....12B www.marej.com
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