JLL Capital Markets announced that it has arranged a $29.5 million construction financing for Soho Park Residences, an 85-unit, age-restricted (55+) luxury residential development in Nutley, New Jersey.
JLL worked on behalf of the borrower, Rock Solid Builders Inc, in facilitating the 2.5-year, floating-rate loan through Kearny Bank.
Scheduled to begin vertical construction in spring 2025 with completion anticipated in spring 2027, Soho Park Residences will feature a three-story design built over a concrete parking podium with 148 garage parking spaces. The property will offer a mix of one- and two-bedroom luxury apartments with an average unit size of 1,110 square feet. Residents will enjoy resort-style amenities including a state-of-the-art fitness and wellness center, library, sun deck with pool, BBQ grills, firepits and a top-of-the-line resident clubroom.
Located at 116 Harrison Street, Soho Park Residences is strategically positioned steps from downtown Nutley and offers excellent connectivity with convenient access to the Garden State Pkwy, Rte-3 and Rte-21. The development is just 2.8 miles from Delawanna Train Station, providing direct service to New York Penn Station in 30 minutes.
“This development addresses the growing need for luxury rental housing among the maturing population in Essex County, particularly as township residents become empty nesters and seek to escape the responsibilities of homeownership while remaining close to family,” said Didio, Jr.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Michael Donohoe.
“JLL is grateful to have played a small role in this exciting project. We’re thrilled to witness Rock Solid Builders deliver what promises to be an exceptional luxury development that will serve the Nutley community for years to come,” added Quinn.
“Development isn’t about square footage – it’s about social footprint. Our work shapes place, purpose and people’s lives,” commented Vitali Feldman, President of Rock Solid Builders.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
