HARRISON, NJ—NorthMarq Capital's New Jersey based regional office closed a $16.9 million 30-month construction loan for the Cookie Factory, a 104-unit multifamily property to be built on Essex Street in Harrison, NJ.
The development, which is planned for a currently vacant property, is named for the historic presence of a cookie factory on the property some years ago.
“There were a number of lenders interested in providing the financing,” Gary Cohen, senior vice president/senior director of NorthMarq, tells GlobeSt.com exclusively. “There was a lot of demand for this deal and First Niagara Bank structured a competitive loan to win the business. This will be the third or fourth building developed in the area.”
The transaction was arranged for the borrower, Bergen Street Urban Renewal LLC (a joint venture between an affiliate of the Hampshire Companies and the CrownPoint Group) by NorthMarq through its relationship with First Niagara Bank.
“You've got a town that's willing to work with developers to approve multifamily development and provide PILOT agreements (payment in lieu of taxes), which are economically feasible for the developer and the town,” says Cohen. “They really want to try to redevelop this particular section of Harrison with new housing and make it a vibrant area.”
The project will consist of two, four story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rental of approximately $1,900.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
