With full approvals, Prism, acting as operating partner, will redevelop the site into a mixed-use, transit-oriented community with 232 apartments and 12,000 square feet of retail space.
The site, which is the former Lucas Chevrolet dealership, is located at the corner of Rahway Avenue and Green Street. Demolition work is slated for July.
“The demand for transit-oriented multifamily remains robust in New Jersey, and this property is ideally situated for luxury, fully amenitized apartment homes,” Eugene Diaz, principal partner, Prism Capital Partners, said. “We are pleased to start demolition work and anticipate construction of the building to begin this fall, following the completion of site work.”
Cushman & Wakefield‘s New Jersey capital markets team, comprised of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd, led the joint venture purchase. Northwestern Mutual Insurance will serve as the construction lender.
“It is exciting to be part of arranging the partnership of one of the most creative, cutting-edge multifamily developers and a top-tier institutional investor. They both saw the opportunity to create a unique mixed-use project to be located in one of Northern New Jersey’s more transformative towns,” Merin said.
Financial terms were not disclosed.