Pearlmark recently closed on a $10-million mezzanine debt investment to refinance Vinty Apartments in Elizabeth, NJ. The five-story, 267-unit multifamily property also includes approximately 32,000 square feet of ground floor commercial space.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P., with an entity managed by Argentic providing the senior loan and JLL’s Michael Klein and Steven Klein representing LeCesse Development Corporation and MAS Development Group in the recapitalization process.
Vinty Apartments is conveniently located adjacent to Elizabeth train station for easy access into New York City’s Penn Station as well as being situated within an Opportunity Zone – making it part one of four phases planned for development at this site. Construction has been completed for Phase I with 85% occupancy rate among its apartments while 68% occupancy rate exists among its commercial spaces; sponsorship plans are underway to lease up any remaining units before developing the three additional sites planned here too.
