NEW YORK – 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.
