Law firm FBT Gibbons is representing Bijou Properties in a matter that could help develop an 89-unit luxury apartment building next to NJ Transit’s Morristown station.
The planned project – that has been in the works for years – is set to include 76 market-rate and 13 affordable housing units, in addition to 5,000 square feet of ground-floor retail space.
The five-story building is slated to be constructed on the triangular parcel at One Lackawanna Place.
In addition to the loan, FBT Gibbons represented Bijou Properties on the acquisition of the several lots that comprise the project, which included obtaining a vacation by the Town of Morristown of a portion of a public right-of-way to make the project feasible.
FBT Gibbons team included Andrew Camelotto, Israel Pollack, Adam Morsy, Griselda Hodaj, and Alexander Morganstern.
Earlier this month, 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.
FBT Gibbons’ real estate team, with more than 100 members, represents developers, owners, equity investors, home builders, lenders, government entities and other real estate professionals in all aspects of real estate ownership, finance, development, management and disposition.
Bijou Properties is based in Hoboken and was founded by commercial real estate veteran Larry Bijou in 1999. The company focuses on sustainable development.
