PCCP has originated a $66.85 million senior construction loan to Sterling Properties and Danbro Properties for Plaza Greene, a planned 55-plus multifamily community with grocery-anchored retail in Fair Lawn, NJ. The financing supports the ground-up development of a Class A, age-restricted project that replaces a vacant retail building on the site, where demolition has already begun.
Plaza Greene is planned as a four-story property at 22-01 Fair Lawn Ave., directly adjacent to an NJ Transit train station. The transit-oriented design is intended to give residents convenient rail access while positioning the property within an established suburban neighborhood. PCCP is providing the senior capital for the project as construction moves into its initial phases.
The community is slated to include 145 multifamily residences reserved for residents aged 55 and older, reflecting ongoing demand for purpose-built housing tailored to this demographic. Of the total unit count, 18 apartments are designated as affordable, adding an income-restricted component to the offering and expanding housing options for moderate-income seniors.
In addition to the residential component, Plaza Greene will incorporate 24,000 square feet of ground-floor retail space. That retail program will be anchored by a 22,300-square-foot Sprouts Farmers Market, bringing a full-service grocer to the site and providing everyday conveniences for both residents and the surrounding community. The combination of grocery and transit access is a central feature of the project’s design and positioning.
According to PCCP senior vice president Lia Barsanti, the firm views Plaza Greene as a compelling opportunity to finance a high-quality, grocery-anchored, 55-plus property in a supply-constrained market with favorable demographic trends. Barsanti noted that Sterling Properties and Danbro Properties have extensive experience developing multifamily projects across New Jersey, and that the partnership’s track record, along with the site’s location and amenity mix, underpinned PCCP’s lending decision.
With demolition underway and financing in place, construction of Plaza Greene is expected to proceed toward a planned completion in 2027. At stabilization, the project is expected to combine new Class A senior housing, an affordable component, and a modern grocery anchor in a transit-served setting within Fair Lawn.
