CBRE announced that it has secured a $40 million construction loan for Morristown Station, a transit-oriented, 89-unit apartment building located adjacent to the Morristown NJ Transit train station.
Truist Bank provided the financing for the project being developed by Lackawanna Place Morristown Urban Renewal LLC.
The financing was arranged by CBRE Capital Markets’ Debt, Equity and Structured Finance team of Matthew Pizzolato and Josh Stein, who represented the borrower in the transaction.
“Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing in Morristown,” said Pizzolato.
“By partnering with Truist Bank, we were able to structure a construction financing solution that supports the sponsors’ vision while positioning the project to set a new benchmark for multifamily development in the market.”
Morristown Station will feature a mix of 76 market-rate apartments and 13 affordable housing units, along with approximately 5,111 square feet of prime ground-floor retail space.
The unit mix is predominantly two-bedroom apartments, which comprise approximately 74% of the residential units, with the balance consisting of studio and one-bedroom layouts.
The property’s immediate adjacency to the Morristown NJ Transit Station provides residents with convenient regional connectivity and access to the area’s amenities, retail and dining.
