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
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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 lizabeth, NJ — Cronheim Mortgage closed permanent bank financing of $24.75 million upon the completion and stabilization of the 100 unit luxury apartment building located in Elizabeth. Top Rated Law Firm
employers such as Newark Liberty International Airport, Kean University and Merck 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 — PB Nutclif 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-Hackensack Meridian School of Medicine. Seton Hall
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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, Prism will work close- ly with the Township of Nut- ley, City of Clifton and a team of consultants to develop the Roche-Nutley-Clifton (RNC)
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