JLL secures $77.75M in capital for mixed-use project in New Jersey
Proceeds will fund the ground-up development of 267 residential units and 37,000 square feet of retail and office in West Elizabeth
NEW YORK, December 9, 2019 – JLL announced today it has secured capital totaling $77.75 million for the development of Vinty, a mixed-use project with 267 residential units and 37,000 square feet of ground-floor retail and office in West Elizabeth, New Jersey.
JLL worked on behalf of LeCesse Development Corp. and MAS Development Group to secure a $55 million construction loan through Citizens Bank and Lakeland Bank and preferred equity from Marble Capital, LP.
Vinty will be situated on a 2.48-acre site at the corner of Union and W. Grand Streets across the street from the Elizabeth NJ Transit Station. The project will consist of four stories of residential units with 25 studio, 175 one-bedroom and 67 two-bedroom floor plans above 37,000 square feet of retail and office space and a 274-space parking garage. The community’s amenity package will include a fitness center, yoga/cycling studio, virtual golf simulator, resort-style pool with hot tub and cabana seating, outdoor summer kitchen with grills, community lounge and entertainment room, dog park, resident greenhouse, outdoor theater and package concierge system. Home interiors will include high-end finishes such as quartz countertops, stainless steel appliances, modern cabinetry, undermount sinks, smart home features, in-unit washers and dryers, plank flooring and walk-in closets. The project is due for completion in first quarter 2021.
The JLL Capital Markets team representing the developer included Managing Directors Jeff Julien, Rob Hinckley, Michael Klein, Steven Klein and Director Mark Mahasky.
“JLL is pleased to have been able to secure construction financing on behalf of LeCesse Development and MAS Development,” Steven Klein said. “Upon completion, this project and the future phases that the borrower has in its pipeline are going to transform the rental market at the Elizabeth Train Station.”
“Both banks quickly understood the strength of the market, depth of the unit and community amenities that will be developed and the appeal of the site’s location steps from the train to Newark Liberty Airport, Newark Penn Station and the PATH to New York City,” Michael Klein added. “These factors will draw renters to Vinty for years to come.”
“Vinty will be a transformative project and the market recognized this was a special development plan, curated over many years by MAS Development and LeCesse Development Corp,” Jeff Julien added.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
LeCesse Development Corp. is an established real estate developer with over 35 years of experience in the development, construction and financing of multifamily properties. Consistently among the Top 100 residential developers in the U.S., as ranked by Builder magazine and Professional Builder, LeCesse has developed over 20,000 residential units in the Northeast, Mid-Atlantic, Southeast and Midwest, with over $2.5 billion in completed income producing projects. Currently, LeCesse owns over 4,400 multifamily units in Florida, New York and Minnesota.
With over 20 years of experience, MAS Development Group has been fundamentally involved in all aspects of real estate development and construction in Northeast. The basis for its consistent success comes from the firm’s agility and adaptability with a focus on detail, innovation and intelligent decision-making processes.
As a developer, the firm is actively involved and directly manages all stages of the process, including site identification, acquisition, planning, design, entitlements, financial analysis, construction and disposition.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $164.4 billion in assets as of September 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Lakeland Bank is the wholly owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $6 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, New York, the bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as one of America’s Best-In-State Banks by Forbes and Statista, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.
Marble Capital is an investment company focused on providing flexible capital solutions to real estate sponsors nationwide, and its core product line is preferred equity for multifamily development. Marble Capital is managed by seasoned real estate professionals with experience in real estate finance, capital markets, development and operations, and is headquartered in Houston, Texas.