Developer PEEK Properties announced it has secured $9.75 million in construction financing for the first of three multifamily properties is has planned for the Opportunity Zone in Orange, it announced Monday.
The project at 276 Reock St., called Apex Orange Crossing, will include 50 Class A market-rate units and is designated a Qualified Opportunity Zone property, West Orange-based PEEK said in a news release. The fundraising entity is named PEEK Reock I QOF LLC.
“Underway site work at 276 Reock St. is focused on clearing and grading in preparation for pouring the foundation and footings,” Managing Partner Emanuel Klein said in a prepared statement. “We expect development to take about 14 months, with lease-up slated for the winter of 2022.”
The loan was arranged by Meridian Capital and Bogota-based Bogota Savings Bank.
“Bogota Savings Bank is proud to be the financier for a project designed to elevate the quality of life for those in the communities we serve,” Kathleen Pless, senior vice president of commercial lending, said in a statement. “We are pleased to collaborate with local developers like PEEK and their partners to enhance the urban and suburban commercial landscape statewide.”
PEEK, a joint venture of the Fountain Group and Equis Realty Partners, is a developer, owner and manager of multifamily properties.
Apex Orange Crossing is the first of three phases for the project, serving as the flagship property and including studio, one- and two-bedroom apartments. Amenities will include a gym, parking garage and more.
PEEK said it has secured site plan approvals from the city for Reock II, 99 units at 49 S. Day St. called Summit Orange Crossing, and Reock III, 91 units at 72 S. Essex Ave. called Pinnacle Orange Crossing.
“This is an exciting time for PEEK Properties, a leader in streamlining some of the first QOZ projects in New Jersey — from initial-to-final fundraising and preconstruction approvals to ground-up construction and lease-up,” Managing Partner Phillip J. Evanski said in a statement.
Combined cost of the project is expected to be more than $59 million.
