Invictus Real Estate Provides $60M Construction Loan for New Jersey Apartments

Ramani Group, a New Jersey-based development firm, has secured $60 million in construction financing to build a multifamily property with 266 apartments and 10,000 square feet of ground-floor retail in Plainfield, N.J., Commercial Observer has learned. 

Invictus Real Estate Partners provided the ground-up construction loan, and Cushman & Wakefield’s Brian Anderson arranged the financing.

Eric Scheffler, co-founder and managing partner of Invictus Real Estate Partners, noted that the project stands just steps from NJ Transit’s commuter rail station in Downtown Plainfield. 

“This transaction highlights our commitment to supporting quality sponsors navigating today’s complex market,” said Scheffler. “The project’s prime location and the sponsor’s expertise made this an exceptional opportunity.”

Located at the corner of East 3rd and Richmond streets in Plainfield, the apartment building will include amenities such as an outdoor lounge, a golf simulator, a fitness center, a game room, a pool, a theater, a children’s playroom and a pickleball court. 

Christopher Pardo, co-founder and managing partner of Invictus, praised Ramani Group in a statement and said his firm tailors its financing to meet specific project needs for each sponsor.  

“By providing flexible ground-up construction financing to developers like Ramani Group, Invictus continues to strengthen its presence in the regional multifamily market,” he said. 

Brian Pascus can be reached at bpascus@commercialobserver.com.