JLL Capital Markets has announced that it has secured a $97.25-million financing for Vinty in Elizabeth, New Jersey, a mixed-use, 267-unit Class A development.
JLL secured the senior floating rate loan for five years on behalf of LeCesse Development Corporation, MAS Development Group and an entity managed Argentic Investment Management LLC (Argentic).
Vinty, which will be delivered in 2022, is a collection of studios, one-bedroom and two-bedroom apartments, along with 32,272 sq. ft. of retail and commercial space on the ground floor. The property offers a variety of community amenities, such as a fitness centre, yoga/cycling room, resort-style swimming pool, outdoor summer cooking area, outdoor theaters, community lounges, a dog park, coworking zones, and a golf simulation. The unit interior finishes include quartz countertops, stainless-steel appliances, washers and tumblers in the units, and wood-style plank floors. There are also large walk-in bathrooms and closets. The commercial space features a 3,315 square foot sous vide food hall as well as a private office/coworking space, and a Northfield Bank.
Vinty is located in an Opportunity Zone at 100 Union Street directly across from the New Jersey Transit Elizabeth Station. Elizabeth is the convergence of two New Jersey Transit lines: Northeast Corridor, North Jersey Coast Line and New York Penn Station. This allows for easy access to New Jersey’s major employment centers as well as New York Penn Station. It is a short walk to Broad Street, Morris Avenue and other downtown Elizabeth corridors. There are also nearby employment opportunities such as Union County College and Trinitas Medical Center. It is also only four miles away from Cranford and Westfield, which have charming downtowns with shops, boutiques, and restaurants.
The JLL Capital Markets Debt Advisory Team is led by Senior Managing Director Michael Klein and Steven Klein. Gerard Quinn, Director and Analyst Benjamin Morgenthal are also members.
“Vinty is the first phase in a placemaking transformation for downtown Elizabeth. Michael Klein said that residents, business owners and the entire city will benefit for many years from the vision and community spirit created by MAS Development and LeCesse Development at Vinty.
“Argentic recognized quickly the quality of the product that the borrower created, including the spaciously-appointed units, the abundance and connectivity of the community amenities, and the connection between the residential and commercial space. Steven Klein said that Argentic provided a highly competitive structure for the deal, which will allow MAS to continue to market and season the property.
JLL Capital Markets provides a range of global capital solutions to real estate investors, occupiers and developers. Firm’s local market expertise and global investor network provide clients with the best in class solutions, whether it is investment sales and advice, debt advisory, or equity advisory. More than 3,000 Capital Markets experts work for the firm in offices located in more than 50 countries.