14C — March 27 - April 9, 2015 — The Best of 2014 — M id A tlantic
Real Estate Journal
www.marejournal.com
The LARGEST MULTIFAMILY LEASES of 2014 NJHMFA The Aspire New Brunswick, NJ The Kislak Company Union Bridge Apartments Rutherford, NJ
Broker: Boraie Realty Size: 375,000 s/f, 228 Units
Brokers: Scott Davidovic, Andrew Scheinerman Size: 115 Units
The privately developed, 17-story residential property is helping New Brunswick become New Jersey’s fastest growing urban center. The largest mixed-income re- development in the state, the Aspire offers 47 units of affordable housing, along with two-bedroom market rate units starting at $2,550 per month. Located near the city’s train station with direct service to New York, the property features a mod- ern design, community kitchen and lounge, green roof, rooftop patio and garden, 24/7 doorman, onsite parking, and fitness and yoga center. The NJHMFA provided nearly 80% of the funding needed for the development of this property, which cost approximately $88.2 million to develop.
This was a 98-year ground lease of Union Bridge Apartments, a multifamily property with 115 units in Rutherford, Bergen County, New Jersey. The aggregate ground rental for the initial term is $9.98 million and the ground lease includes a 50-year renewal option. Constructed in the 1960’s, Union Bridge Apartments includes 115 apartments in nine buildings on over three acres with on-site park- ing. The property is in an excellent rental market and is ideally located in a quiet suburban neighborhood near the Rutherford train station and major highways with easy access to New York City and points throughout northern New Jersey. The buildings are brick with wood siding and have pitched roofs.
CONGRATULATIONS BORAIE DEVELOPMENT LLC for the Aspire’s win of
BEST OF 2014 LARGEST MULTIFAMILY LEASE
HMFA is proud to have been the primary funder for this great property.
New Jersey Housing and Mortgage Finance Agency
Providing Expert Financing for Multifamily, Single Family, Preservation and Supportive Housing Projects for Over Thirty Years.
HMFA is NJ’s Low Income Housing Tax Credit Program Administrator, a Multifamily Pooled Financing Issuer and Credit Enhanced Conduit Issuer.
www.NJHousing.gov • 1-800-NJ-HOUSE
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