New York Life Provides $90M Refi on Suburban New Jersey Multifamily Asset

KRE Group has secured a $90 million loan to refinance Beacon Hill, an apartment complex in Marlboro, N.J., featuring 285 units, including 63 affordable units, across 47 acres, according to Cushman & Wakefield.   

New York Life Insurance provided the fixed-rate loan, while Cushman Wakefield’s team of Alan Blank, Gideon Gil, Zach Kraft and Dale Braverman arranged the financing. 

Beacon Hill has already reached 100 percent lease-up since it opened in late 2024. Cushman’s Blank noted in a statement that the strong leasing reflects the demand for “high-quality, luxury rental communities in well-located suburban markets.”

“The financing of Beacon Hill marks a major milestone for the KRE Group and is a clear vote of confidence in both the asset and KRE’s broader development strategy,” Blank added. 

Located at 100 Buckingham Street, Beacon Hill features mainly two-bedroom units and includes on-site amenities such as a 4,000-square-foot clubhouse, a fitness center, a coworking lounge, a dog park, and a resort-style pool. The complex sits within a 10-minute drive of the Aberdeen-Matawan and Hazlet stations for New Jersey Transit, providing access into New York City. 

Jonathan Kushner, president of KRE Group, spoke to the resilience of the Marlboro submarket in prepared remarks, particularly the ability of the market to deliver a full lease-up for the asset within months, and noted that the suburbs continue to produce strong returns for new residential assets. 

“Securing this long-term loan underscores the strength of Beacon Hill as a core asset in our portfolio, “ said Kushner, adding that the loan also “reinforces our continued commitment to delivering market-leading, institutional-caliber residential communities in high-demand suburban markets.”

Brian Pascus can be reached at bpascus@commercialobserver.com