RXR Refis New Jersey Apartments With $90M Loan

An affiliate of Madison Realty Capital has sealed a $90 million loan to refinance a newly built multifamily development in northern New Jersey, Commercial Observer has learned.

RXR provided the loan for the 300-unit Clifton & Company apartments in Clifton, N.J. The development is now in lease-up after completing the first phase in early 2026, with full completion expected in the middle of the year. 

Madison Realty Capital affiliate 691 Clifton Avenue Owner assumed ownership of the stalled project at the former Black Prince Distillery site in October 2024, the Bergen Record previously reported.

Newmark negotiated the financing with a team consisting of Jordan Roeschlaub, Nick Scribani, Ricky Braha and Samuel Speciale.

Located 17 miles northwest of Midtown Manhattan and less than a half mile from Clifton’s New Jersey Transit train station, the complex will comprise a mix of studio to two-bedroom apartments. Community amenities include a pool, a game lounge with billiards, a fitness center, fire pits and outdoor lounge areas.

RXR, Madison Realty Capital and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.