AYONNE. LINDEN AND RARITAN, NJ — Meridian Capital B Madison Realty Capital finances Accurate Builders NJ development portfolio Meridian’s Ackerman & Sonnenschein negotiate $258millionfinancing package

ISSUE HIGHLIGHTS Volume 30, Issue 20 Oct. 26 - Nov. 8, 2018 RIPCO REPS. RELATED COS. IN SECURING 80,000 S/F RETAIL Gateway Center at Bronx Terminal Market Bronx, NY

Group ar - ranged $258 million in ac- quisition and construction financing for three mul - tifamily de- velopments in Bayonne. Linden and Raritan, NJ on behalf of Jack Klug- mann and A c c u r a t e Builders & Developers . The $258 mi l l i on f i -

81,300 SF Available forLease

Harbor Station South

Accurate team as they expand into these exciting New Jersey markets by constructing fully- amenitized multifamily rental products that will set the stan- dard for other developments in the area,” said Ackerman. Harbor Station South, lo- cated at the intersection of Goldsborough Dr. and Port Terminal Blvd. in Bayonne, NJ, will consist of 651 studio to two-bedroom units spread across two buildings. The property will feature amenities such as a concierge service and rooftop pool with unobstructed views of the NYC skyline and the Bayonne Golf Course. The property is situated just steps from the New Jersey Transit’s 34th Street Station and the new ferry, offering quick access

“Ultimately, we advised the client to move forward with Madison as they were able to provide a very attractive staged funding, and the flexibility required during construction, which is incredibly important with three properties under development at once. This is a testament to Madison’s ex- perience both as a lender and developer,” added Ackerman. “As we expand deeper into New Jersey, it was important to find a lender who truly un- derstands our growth goals and could fully support these developments,” said Jack Klug- mann. “Meridian did an excel- lent job of sourcing a variety of financing options and then facilitating a smooth closing with the team at Madison.” 

to Manhattan. The Crossroads at Raritan, situated on a block bordered by First Ave., Third St., Sec- ond Ave., and the New Jersey Transit railroad tracks in Raritan, NJ, will feature 276 units, including 20 affordable apartments, ranging from studios to two-bedrooms. The Crossroads at Raritan is lo- cated near the Raritan Train Station and is in close prox- imity to local businesses in- cluding Johnson & Johnson’s corporate headquarters. The third property is located in Linden, NJ and will feature amenities such as a rooftop deck and pool and will be lo- cated near the Linden Train Station and near the Linden Airport.

Comments • 900,000 sfRegionalShoppingCenter • Directaccess fromExit4,5and6 from the MajorDeeganExpressway. It is inwalking distance to3different subway stops • Thenearbybridges toUpperManhattanare TollFree • ThisCenter is located½mile fromYankee Stadium • 2,600parking spaces ina6-levelparking structure, flankedby two retailbuilding structures 6A

Shaya Ackerman

Demographics 2017Estimates

SizeAvailable 81,300SF Co-Tenants BJ’sWholesaleClub,TheHomeDepot,Target, Bed,Bath&Beyond,BestBuy,Marshalls, Raymour&Flanigan,BurlingtonCoatFactory, Michaels,ChuckE.Cheese’s,GameStop, GNC,Applebee’s


2Miles 3Miles


208,416 748,325 1,247,070



272,854 462,592

Median Household Income

$38,578 $38,833 $46,396

SPOTLIGHTS Daytime Population 52,526

198,478 340,726


BrianSchuster bschuster@ripcony.com 516.933.8880

PeterRipka pripka@ripcony.com 212.750.6565


Shaya Sonnenschein


nancing package, provided by Madison Realty Capital , was negotiated by Merid- ian senior managing direc- tor, Shaya Ackerman , and senior vice president, Shaya Sonnenschein , who are both based in the company’s NYC headquarters. “We are excited and proud to work with the


Saltzman of Lee &Associates NJ signs 526,400 s/f industrial lease at South Brunswick dist. center

MAREJ EVENTS November 29 New Jersey Medical Properties Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

state Blvd., South Brunswick. The tenant, XPO Logistics, is a multi-national contract logis-

SOUTH BRUNSWICK, NJ — Lee &Associates New Jersey announced that part- ner Dave Saltzman arranged the largest industrial lease transaction of the year for the firm with the signing of a 526,400 s/f lease at 115 Inter-

tics compa- ny, providing o u t - s o u r c e servi ces to ma j o r c o r - p o r a t i o n s around the world. 115 Inter- state Blvd. is


Dave Saltzman

Shopping Centers.............................................5-14A Retail Professional Directory...............................14A Business Card/Billboard Directory.......................15A Owners, Developers & Managers............... Section B Executive Women in Businesss................... Section C

a “big box” industrial ware- house, located in the NJ Turn- pike – “Exit 8A” Submarket, that is within close proximity to the New Jersey Turnpike. The building previously served as the Tory Burch Distribu- tion Center and prior to that was the distribution center for Children’s Place. “Our client was looking for space that would allow them to serve the northeast & mid- Atlantic regional markets,

115 Interstate Boulevard

have easy access to the NJ Turnpike corridor, and close proximity to Port Newark/ Elizabeth. Demand for “state- of-the-art” industrial space in North and Central New Jersey is high right now, but we were able to find a desirable loca- tion that fit our client’s needs” said Saltzman. “This wasn’t a straight lease transaction, so some extra steps were needed.

We had to work closely with Prologis, the property owner, to unravel a sublease of a sub- lease, in order to complete this long term transaction. As part of the deal, there were also a substantial amount of building improvements and amenities that XPO inherited, including an extensive conveyor system and heavy duty narrow aisle racking.” 

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