$97.25M in financing secured for luxury New Jersey multi-housing community
JLL Capital Markets secured financing for the 267-unit Vinty in Elizabeth, New Jersey
JLL worked on behalf of the borrower, LeCesse Development Corporation and MAS Development Group, to secure the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management LLC (“Argentic”).
Delivered in 2022, Vinty consists of studio, one- and two-bedroom units, as well as 32,272 square feet of ground-floor retail and commercial space. The Property offers a community amenity package, including a fitness center, yoga/cycling studio, resort-style pool, outdoor summer kitchen, outdoor theater, community lounge, a golf simulator, dog park, co-working zone and more. The interior unit finishes feature quartz countertops, stainless steel appliances, in-unit washers and dryers, wood-style plank flooring and large walk-in closets and bathrooms. The commercial space includes a 3,315-square-foot sous vide food hall, a high-end private office/co-working space and a Northfield Bank branch.
Located within an Opportunity Zone, Vinty sits at 100 Union Street, directly across the street from the New Jersey Transit Elizabeth Station. Two New Jersey Transit lines, the Northeast Corridor and North Jersey Coast Line, converge in Elizabeth to allow for superior accessibility to major employment hubs throughout New Jersey, as well as New York Penn Station. The property provides walkability to Broad Street and Morris Avenue, Elizabeth’s main downtown corridors, as well as nearby employment opportunities at Union County College, Trinitas Regional Medical Center, the Union County courthouse and more. Additionally, it is just four miles from Cranford and Westfield which features charming downtown areas with a variety of shops, boutiques and restaurants.
The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Steven Klein, Director Gerard Quinn and Analyst Benjamin Morgenthal.
“Vinty represents the first phase of a transformational placemaking community for downtown Elizabeth. Residents, businesses owners and the overall city will benefit from the vision and sense of community that MAS Development and LeCesse Development have created at Vinty for years to come,” said Michael Klein.
“Argentic quickly recognized the quality of product, including the spaciously appointed units, the abundance of community amenities and the connectivity between the residential and commercial spaces, that the borrower has created. Argentic was able to provide a highly competitive deal structure that will allow MAS and LeCesse to continue to season the property,” said Steven Klein.
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.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LeCesse Development Corporation
LeCesse Development Corp has grown from a small building contractor in Rochester, NY to a multi-state developer and owner of multifamily properties across the eastern United States, with over $2.5 billion of completed income-producing projects. As a well-respected real estate developer, LeCesse’s award-winning properties have maintained a reputation for quality in design and construction. Currently headquartered in Altamonte Springs, FL, LeCesse Development Corp. is focused on the ground-up development of multifamily communities, partnering with institutional equity partners across the country.
Included within the LeCesse Development Corp. family of companies is Cambridge Management Services, Inc., a progressive full-service property management company providing cost-effective property management and asset management services. The Cambridge Management team has a wide range of experience and operation knowledge and has been in business for more than 20 years. Cambridge currently manages more than 2,800 units in New Jersey, New York, Florida, and New Hampshire.
About MAS Development Group
MAS Development Group is a vertically integrated real estate company specializing in the creation of urban mixed-use and retail properties in the Tri-State area. The company has earned an enviable reputation for its commitment to working collaboratively with project stakeholders to ensure that all of MAS’s developments enhance the fabric of the local communities where they exist and contribute positively to the revitalization of neighborhoods. The company has since expanded into the commercial and mixed-use sectors, developing build-to-suit, triple-net-lease properties for the nation’s leading retailers, and more recently, ground-up luxury apartment communities that incorporate full-service lifestyle amenities and integrated retail offerings.
Argentic is an investment manager of commercial real estate lending and investment vehicles focused on providing fixed-rate and floating-rate debt financing solutions to property owners throughout the United States.