An apartment development planned next to the train station in Morristown, New Jersey, has obtained a $40 million construction loan.
Brokerage CBRE secured the financing for the 89-unit complex that Lackawanna Place Morristown Urban Renewal plans to build adjacent to the NJ Transit train station. Truist Bank will provide the financing for the transit-oriented project, Morristown Station.
The property will help address the growing demand for both market-rate and affordable housing in Morristown, according to Michael Pizzolato, a CBRE senior vice president.
“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,” he said in a statement.
Morristown Station is due to consist of 76 market-rate apartments and 13 affordable housing units, along with about 5,111 square feet of ground-floor retail space. The unit mix is predominantly two-bedroom apartments, for roughly 74% of the residential units, with the balance consisting of studio and one-bedroom layouts.
For the record
The financing was arranged by CBRE Capital Markets’ debt, equity and structured finance team of Matthew Pizzolato and Josh Stein, who represented the borrower on this transaction.