Madison Realty Capital has provided a $258 million loan facility for the development of a 1,161-unit multifamily portfolio in three New Jersey locations, it announced this week.
Accurate Builders and Developers of New Jersey is owner of three large-scale, shovel-ready sites in Bayonne, Raritan and an undisclosed location. The financing will be used to complete site acquisitions and for construction of the three projects.
Shaya Ackerman of Meridian Capital arranged the deal.
“MRC thrives on large, complex transactions like this portfolio, and we’re excited to be involved,” Josh Zegen, MRC co-founder and managing principal, said in a prepared statement. “We’re financing three major transit-oriented development sites located in different towns, so, clearly, there are many moving parts, but our experienced team makes complicated deals easy for the borrower and allows them to focus on their core expertise of building.
“These are prime sites in communities with strong apartment demand, based on demographics and transportation connections, and we believe they have great prospects for success.”
The planned properties include the Harbor Station South apartments, at Goldsborough Drive and Port Terminal Boulevard in Bayonne, with 651 units over two buildings. The Raritan apartments, which will have 276 units, will be located on a block surrounded by First Avenue, Second Avenue, Third Street and the New Jersey Transit rail bed.