$97.25M in financing secured for luxury multihousing community in Elizabeth

JLL Capital Markets secured the $97.25 million financing for Vinty, a 267-unit, Class A mixed-use development in Elizabeth, according to a Tuesday announcement.

JLL worked on behalf of the borrower, LeCesse Development Corp. and MAS Development Group, to secure the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management LLC.

Delivered in 2022, Vinty consists of studio, one- and two-bedroom units, as well as 32,272 square feet of ground-floor retail and commercial space. The property offers a community amenity package, including a fitness center, yoga/cycling studio, resort-style pool, outdoor summer kitchen, outdoor theater, community lounge, a golf simulator, dog park, coworking zone and more. The interior unit finishes feature quartz countertops, stainless steel appliances, in-unit washers and dryers, wood-style plank flooring and large walk-in closets and bathrooms. The commercial space includes a 3,315-square-foot sous vide food hall, a high-end private office/coworking space and a Northfield Bank branch.

Located within an Opportunity Zone, Vinty sits at 100 Union St., directly across the street from the New Jersey Transit Elizabeth Station. Two New Jersey Transit lines, the Northeast Corridor and North Jersey Coast Line, converge in Elizabeth to allow for superior accessibility to major employment hubs throughout New Jersey, as well as New York Penn Station. The property provides walkability to Broad Street and Morris Avenue, Elizabeth’s main downtown corridors, as well as nearby employment opportunities at Union County College, Trinitas Regional Medical Center, the Union County courthouse and more. Additionally, it is just four miles from Cranford and Westfield, which feature charming downtown areas with a variety of shops, boutiques and restaurants.

The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Steven Klein, Director Gerard Quinn and analyst Benjamin Morgenthal.

“Vinty represents the first phase of a transformational placemaking community for downtown Elizabeth. Residents, businesses owners and the overall city will benefit from the vision and sense of community that MAS Development and LeCesse Development have created at Vinty for years to come,” Michael Klein stated.

“Argentic quickly recognized the quality of product, including the spaciously appointed units, the abundance of community amenities and the connectivity between the residential and commercial spaces, that the borrower has created. Argentic was able to provide a highly competitive deal structure that will allow MAS and LeCesse to continue to season the property,” Steven Klein said.

“It was a pleasure working with JLL and argentic. They both were able to see that Vinty and Elizabeth are the next big city to experience revitalization in New Jersey,” Salvador Garcia, principal MAS Development Group said.