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 features 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. JLL’s Michael Klein and Steven Klein represented LeCesse Development Corporation and MAS Development Group in the recapitalization process.
Vinty Apartments is conveniently located adjacent to the Elizabeth train station for easy access into New York City’s Penn Station and is situated within an Opportunity Zone as part of a four phase development project – Phase I construction has been completed with 85% occupancy rate for apartments and 68% occupancy rate for commercial space; sponsorship plans to lease up remaining units before developing three additional sites accordingly.
