The move from a construction loan to permanent financing represents the next step for the adaptive reuse of Thomas Edison’s historic Invention Factory and Commerce Center in West Orange, the real estate firm said in a news release. Financial details were not disclosed.
“Securing new financing and reaching another leasing milestone reflect sustained progress for Edison Lofts,” Prism’s Edwin Cohen, principal partner, said in a prepared statement. “As the spring season ramps up, so are leasing inquiries. This includes an uptick in interest from New York City renters seeking an urban, walkable lifestyle at a more affordable price point.”
The project includes 300 homes in the reimagined, historic factory building, as well as a boutique collection of homes in new construction at the Mews at Edison Lofts.
The community has reached the 80% leasing mark, Prism noted.