Madison Realty Capital Provides $65M Construction Loan to Canoe Brook Development for NJ Apartment Project
Canoe Brook Development has secured $65 million of construction financing to build a multifamily development in northern New Jersey, Commercial Observer can first report.
Madison Realty Capital originated the loan for the 220-unit project located on a 9-acre site in Warren, N.J. A portion of the four-story property will be designated as inclusionary affordable housing.
“Warren is an attractive and growing sub-market backed by an affluent population and excellent public schools, however development complexities have limited the availability of high-quality multifamily housing,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “Canoe Brook has a strong track record developing luxury multifamily housing in New Jersey, as well as an expansive pipeline of multifamily units under construction and in pre-development.”
“We will continue to identify opportunities to support the delivery of desirable housing in high-barrier-to-entry markets,” Zegen added.
Located at 284 King George Road, the property will also include a site for an approved 130-key hotel that is separate from Canoe Brook’s multifamily project. Canoe Brook also sold a portion of the property to Pulte Homes, which is developing 115 for-sale townhomes and condominiums.
The multifamily development will consist of a variety of one- to three-bedroom units spread over two buildings. Its planned amenities include fitness center, outdoor pool and lounge, courtyards, business center and 358 parking spaces.
“Madison Realty Capital has a highly experienced team with significant familiarity with New Jersey,” Marshall Tycher, principal of Canoe Brook, said in a statement.
Andrew Coen can be reached at email@example.com.