www.marejournal.com M id A tlantic Real Estate Journal — Section B O wners , D evelopers & M anagers F eaturing R enovation /R estoration
100 unit luxury multi-family new construction Cronheim Mortgage closes permanent bank financing of $24.75 million
HI-LIGHTS Oct. 28 - Nov. 10, 2016 The six-story building is immediately contiguous to the Elizabeth, New Jersey Transit Rail Station, and offers grade-level retail and indoor parking. The Property leased up very quickly - ap- pealing to locals as well as people working at nearby Top Rated Law Firm lizabeth, NJ — CronheimMortgage closed permanent bank financing of $24.75 million upon the completion and stabilization of the 100 unit luxury apartment building located in Elizabeth. E
employers such as Newark Liberty International Airport, Kean University andMerck to
name a few. Many Banks were vying to finance this project, which
created a great competitive environment for our client. The winning lender delivered
terms that was an aggrega- tion of some of the best terms available in the market. n
Prism completes purchase of 116-acre former Hoffmann-La Roche Campus Medical School
NUTLEY/CLIFTON, NJ — PBNutclif I, LLC , an affiliate of Prism Capital Partners closed on the purchase of the 116-acre former Hoffmann-La Roche Inc. North American Headquarters campus span- ning the Township of Nutley and City of Clifton. In July, Hackensack Meridian Health and Seton Hall University committed to leasing two ma- jor buildings and 16 acres at the property. “Following two full years of comprehensive diligence and complex negotiations involv- ing many stakeholders, the pieces are now in place to move this landmark campus into its next chapter as a preeminent commercial location,” said Prism’s Eugene Diaz , prin- cipal partner. “With the coop- eration of Roche, we already have secured an outstanding long-term anchor tenant and new-business magnet.” With financial and develop- ment approvals by both mu- nicipalities now in place, Seton Hall and Hackensack Merid- ian immediately will launch improvements to convert the leased buildings to accommo- date the needs of the new Se- ton Hall-HackensackMeridian School of Medicine. Seton Hall
8B
10-11B Renovation/Restoration The Integration of Sub- metering into a Broader Sustainability Initiative
Former Hoffmann-La Roche Inc. North American Headquarters campus
Campus master plan. “We will focus on the longevity of the site as a foremost goal, as- sembling an appropriate mix of uses, such as the addition of supporting retail and residen- tial, as a necessary means to attract additional best-in-class corporate and research users,” Diaz said. n
will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Merid- ian plans to create a National Health Institute-designated Clinical Research Center there as well. Already, Prism has attract- ed several other notable com-
panies and is currently nego- tiating agreements with these users for additional leases on the site, according to Diaz. Over the next 12 to 18 months, Prismwill work close- ly with the Township of Nut- ley, City of Clifton and a team of consultants to develop the Roche-Nutley-Clifton (RNC)
14B
www.marejournal.com ALSO INSIDE USGBC.............................12B Green Buildings........13-17B NJAA................................19B IREM .................. 20-IBC-B
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