10A — April 2025 — Financial — M id A tlantic Real Estate Journal
www.marej.com
F inancial $58M Freddie Mac LIHTC forward loan secured Merchants Capital secures $120M for mixed-use dev.
JLL Capital Markets finances Pittsburgh CBD office tower
N
EWARK, NJ — Mer- chants Capital an- nounced $120 million
in financing for the con- struction of M u s e u m Parc, a 250- unit mixed- i n c o m e , mixed-use and retail de- velopment in
Michael Milazzo
One Oxford Centre aerial
downtown Newark. The devel - opment will integrate housing units with the 4,120 s/f Newark Museum of Art (NMOA) gallery and 2,300 s/f of ground-floor retail space, serving as an anchor to the Newark Arts & Education District. Merchants Capital secured $58 million, comprising a Freddie Mac 9% Low-Income Housing Tax Credit (LIHTC) Forward permanent loan and a $62 million construction loan from Merchants Bank for Museum Parc. “This deal represents Mer - chants’ streamlined internal collaboration, and we are proud of the efficiency dem - onstrated across the organi- zation to arrange key com - ponents in the capital stack,” said Michael Milazzo , senior vice president of Origina - tions at Merchants Capital. “Likewise, Museum Parc is a unique concept, representing the innovative ways our part - ners are providing affordable housing solutions nationwide. We look forward to witnessing its impact in Newark.” Of the 250 apartments, 20 percent will be income re - stricted. Forty-five units will
is an iconic class A, trophy asset. Since the pandemic, the building has been challenged in terms of occupancy levels. This new team’s commitment and financial wherewithal to the asset will undoubtedly drive One Oxford Centre’s oc - cupancy levels back to the 90% range. In fact, once it became public that Aaron Stauber was leading the team that was acquiring the asset, several existing tenants have already exercised lease renewals.” In addition, JLL Capital Markets has arranged con - struction financing for Liberty Storage Center, a 103,530 s/f, to-be-built self-storage facility in Jersey City, New Jersey. JLL worked on behalf of the borrower, Tulfra Realty Company , to secure the con- struction loan with Fulton Bank, NA . The property will be leased and managed by Public Storage. Liberty Storage Center is located at 300 McGovern Dr. in the southern portion of Jersey City, the second most populous city in New Jersey. Upon completion, Liber - ty Storage Center will be a six-story building with 795 climate-controlled units aver - aging 77.3 s/f each. The ground floor of the building will feature 30 covered parking spaces. JLL’s Capital Markets Debt Advisory team representing the borrower was led by se - nior managing directors Jon Mikula and Michael Klein and VP Ryan Carroll . “Self-storage continues to be one of the most resilient asset classes and has seen a surge in demand over the last few years,” said Mikula. “As a result, lender inter - est was strong, particularly given Liberty Storage Cen - ter will benefit from the undersupply of self-storage in the growing Jersey City market and the strong de- mographics surrounding the property.” MAREJ
PITTSBURGH, PA — JLL Capital Markets announced that it has arranged a note-on- note financing for One Oxford Centre, a trophy class A office tower totaling 1.03 million s/f in the heart of Pittsburgh’s central business district. Working on behalf of the borrower, led by Aaron Stau- ber , president of Rugby Re- alty , and a group of local investors, JLL placed the three-year acquisition loan with Dollar Bank . One Oxford Centre is located at 301 Grant St. and occupies two city blocks between Grant and Smithfield Streets. The 45-story office tower is cur - rently 65% leased to a mix of office and ground-floor retail tenants, including PWC, Clark Hill and Pietragallo Gordon Alfano Bosick & Raspanti law firms. Amenities at the tower include The Rivers Club, a full- service health/business club and a multi-level, 850 space parking garage. The JLL Capital Markets Debt Advisory team represent - ing the borrower was led by executive managing director John Pelusi , senior manag- ing director Claudia Steeb , senior managing director Nick Unkovic and Zach Barone . “Our team has been involved with One Oxford Centre since 1982, having arranged the debt and equity financing for its con - struction, refinancing it several times over the years, and then selling it to Shorenstein in 2016 and arranging the financing on their behalf,” said Pelusi. “We were pleased to secure this transaction on behalf of a buyer team that truly has a demonstrated commitment to the City of Pittsburgh. The Rugby team has an impressive portfolio of local CBD office properties along Grant Street and its suburban office prop - erties, including Foster Plaza and Cherrington, along the Parkway West Corridor,” add - ed Pelusi. “One Oxford Centre
Museum Parc
be affordable to households earning 50 percent of AMI and the remaining five will be reserved for households earn - ing 30 percent of AMI. The development is designed to foster community and con- nection to NMOA via indoor and outdoor space. It will in - clude a six-story building and a 12-story structure, housing, a fitness center, co-working space, lobby, bicycle room, game room, lounge and speak- easy, as well as a 3,000 s/f roof terrace accessed through the garden room and commercial kitchen area. Museum Parc is co-devel - oped by LMXD and MCI Collective . As the mixed- income and market-focused member of the L+M family of companies, one of the nation’s leading builders and devel - opers of affordable housing, LMXD focuses on culture, community and sustainability in the Northeast and across the country. Urban revital - ization firm MCI Collective
delivers quality housing and retail by reimagining urban spaces, with an emphasis on arts and culture to enhance design and value. “Museum Parc will help an - chor the Newark Arts & Edu - cation District by providing much-needed mixed-income rental housing, the expansion of the Newark Museum of Art, and ground-floor retail to activate the streetscape,” said Jake Pine , managing director at LMXD. “We are grateful for our partners at Merchants Capital for helping make this project happen.” “This project wouldn’t be possible without a top-tier partner like Merchants Capi - tal, whose expertise brought our vision to life,” said Siree Morris , managing partner at MCI Collective. “It’s a game-changer for Newark, strengthening arts and cul- ture while supporting the Newark Museum.” Museum Parc is expected to be completed by 2027. MAREJ Beach Gardens, Florida. “Looking back to day one in 2015, we are humbled by all our accomplishments and inspired by the loyal partner - ships built over the years,” said co-owners Turchi and Duffield. “In approaching this anniversary, we reflect on the countless friendships developed among colleagues and customers. We are truly grateful for every affiliation. Regardless of each milestone – past and future – there is one constant. NITA is a fam - ily that together uplifts our clients and one another. We look forward to doing so for many years to come.” MAREJ
NITA marks 10 years under the leadership of Fran Turchi and George E. Duffield Sr.
MARLTON, NJ — Nation- al Integrity Title Agency (NITA) celebrates 10 years of providing full-service title insurance and settle- ment agency for commercial and residential real estate throughout the region and beyond. Initially founded in 1992, partners George Duff - ield Sr. and Fran Turchi took the helm in March 2015 with clear goals and a passion for the industry. Cutting-edge technology, top-tier customer assistance and innovative, engaged title professionals have contributed to strong, long-term relationships and the ultimately success of the
company. Today, NITA has grown to more than 40 team members and expanded be - yond its traditional Greater Philadelphia roots to Palm Fran Turchi & George Duffield Sr.
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