NEWARK, NJ – Accurate Builders & Developers has secured a $395 million loan for a three-property multifamily portfolio and an eight-acre development site in New Jersey. The loan was provided by the real estate private equity firm, Madison Realty Capital.
The eight-acre land parcel, located at the site of the former Bears Stadium in Newark, NJ, includes plans to develop 4,200 residential units. The project is part of a master-planned community, which will be built throughout nine phases. The ground-up development will include 200 affordable units, up to 3,000 parking spaces, at least 100,000 square feet of hospitality and retail space, co-working space and publically accessible green space.
The portfolio of assets includes three nearly-complete, mid-rise multifamily projects, which will offer a total of 1,161 units once complete.
The portfolio of properties includes a four-story, 276-unit building in Raritan, NJ, which will offer 20 affordable units, fitness centers, courtyards and a parking garage. The second property, located in Linden, NJ, comprises a four-story, 234-unit building, which will feature courtyards, a pool, fitness centers, a roof deck and a children’s playroom. The final portfolio property consists of two, five-story buildings in Bayonne, NJ, which will offer 651 units, a roof deck, concierge, pet center, spa facility, rooftop pool, fitness center and outdoor terraces.
Meridian Capital Group’s Shaya Ackerman arranged the acquisition financing for the transaction.
“This transaction reflects Madison Realty Capital’s ability to provide a complex, hybrid financing solution to a high-quality borrower across price points and all stages of the project lifecycle, from land acquisition, ground up development and leasing,” states Josh Zegen, managing principal and co-founder of Madison Realty Capital.
Zegen adds, “We are thrilled to expand our relationship with Jack Klugmann of Accurate Builders & Developers and to work with the Town of Newark on this exciting, once-in-a-generation project that benefits the economic revitalization of downtown and will bring much needed high-quality housing options to Newark’s hard-working residents. Bayonne, Raritan and Linden are attractive, transit-oriented locations with growing demand for high-quality rental housing options.”